Indian Rupee depreciated by1.64 percent as dollar index strengthened by 0.04 percent yesterday on account of fears of economic crisis in Turkey. The Turkish Lira dived by 8 percent against the US dollar in a single session sparking a selloff in the global markets. Besides currency woes India is also susceptible to trade war and escalating crude oil prices. Meanwhile in a report from IMF India is likely to grow at 7.3% for 2018-19 and 7.5% for 2019-20.
Trade tensions between US and China got escalated further as China retaliated by imposing 25 percent tariffs on further $16 billion of US goods after US imposed additional tariffs on Chinese goods worth $16 billion. CPI and Core CPI from US came in line with market expectations at 0.2% for July’18. Meanwhile, new worries arise for global markets when US imposed 20 percent tariffs on aluminium from Turkey and 50 percent tariffs on steel.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.02 percent yesterday while EURINR depreciated by 1.44 percent during the same time frame. German factory orders came in at -4% against market expectations of -0.3% for July’18.
German industrial production came in at -0.9% against market expectations of -0.5%. Euro has slipped to a 13 month low against the US dollar on account of economic crisis in Turkey and investors running towards to the safe heavens.
EURINR is expected to depreciate in today’s session.
GBP depreciated against the US dollar by 0.01 percent yesterday while GBPINR depreciated by 1.63 percent.
BOE Governor Carney iterated that Brexit still holds a major risk for the economy if the desired outcome is not reached. Pound likely to suffer more as a no Brexit deal is likely on the cards. GDP Q/Q from UK came in at 0.4 percent in line with market expectations. Manufacturing production from UK for July’18 came in at 0.4% against market expectations of 0.3%.
GBPINR is expected to move sideways in today’s session.
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