Yesterday depreciated by 0.24 percent despite dollar index weakening by 0.09 percent ahead of the keenly awaited FOMC meeting. Also, India CPI for May’18 came in at 4.87% against 4.58% in Apr’18. IIP improved to 4.9% in Apr’18 against 4 month low it hit In Mar’18 of 4.4%. Meanwhile, India’s services PMI for May’18 came in at 49.6 against market expectations of 51.6.
US FED increased interest rates by 25 bps to 2 percent citing improving in economic health and target inflation above 2 percent. Also, the US FED is forecasting two more rate hikes in 2018. ISM nonmanufacturing PMI came in at 58.6 against market expectations of 57.9 for May’18. US President Donald Trump tweeted that his meeting with North Korean leader Kim Jong-Un went well. Also, core CPI from US came in at 0.2% for May’18 against market expectations of 0.1%. PPI from US came in at 0.5% for May’18 against market expectations of 0.3%.
USDINR is expected to move sideways in today’s session.
EURUSD appreciated by 0.339 percent while EURINR appreciated by 0.05 percent during the same time frame.
Officials from ECB could wind down their stimulus by the end of the year according to a report as they are citing robust growth in the region and are confident that inflation is on its way back to the target. ECB’s Weidmann says first ECB Rate Hike could follow the end of Quantitative Easing. ECB will be holding their monetary policy meeting on 14Th June 2018. Meanwhile German economic sentiment data came in at -16.1 for June’18 against market expectations of - 14.6.
EURINR is expected to depreciate in today’s session.
GBP appreciated against the US dollar by 0.03 percent while GBPINR depreciated by 0.27 percent. UK interior minister Sajid Javid said the UK will be ready to provide Brexit policies for the EU June summit. Manufacturing production data from UK came in at -1.4% for May’18 against market expectations of 0.3%. Average earnings index data from UK came in with market expectations at 2.5% for May’18. CPI from UK for May’18 came in line with market expectations at 2.4%.
GBPINR is expected to move sideways in today’s session.
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