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Published on 13/04/2018 9:53:05 AM | Source: Angel Broking Pvt Ltd

EURINR is expected to move sideways in today`s session - Angel Broking

Posted in Currency Report| #Currency Tips #Angel Broking Pvt Ltd

FUNDAMENTAL OUTLOOK

Indian rupee

Yesterday rupee depreciated by 0.04 as dollar index strengthened by 0.2 percent during the day. In the latest UN report they said that Indian economy is likely to grow at 7.2% in 2018. The Government of India issued CPI and IIP numbers yesterday. CPI eased to a 5 month low of 4.28 percent in Mar’18 and IIP came in at 7.1% for Feb’18.

Geo political tensions ease out marginally as there is no imminent threat of missile attack on Syria by US as of now. Also, tensions of trade war eased when Xi Jinping China’s president promised to cut import tariffs. CPI came in at -0.1% against market expectations of 0% for Mar’18. In the latest FOMC minutes all policy makers expect that inflation would rise in the coming months. Unemployment claims from US came in line with market expectations at 233,000.

USDINR is expected to trade sideways in today’s session.

Euro

Euro EURUSD depreciated by 0.32 percent while EURINR appreciated by 0.28 percent during the same time frame.

ECB Council member Nowotny mentioned that the bond buyback program will wound down by the down of this year. French industrial production came in at 1.2% for Mar’18 against market expectations of 1.5%. Italian retail sales data came in at 0.4% for Mar’18 against market expectations of 0.3%. French CPI came in line with market expectations at 1.0% for Mar’18. ECB members diverge over inflation outlook in the Euro zone according to the latest ECB meeting minutes.

EURINR is expected to move sideways in today’s session.

GBP

GBP appreciated against the US dollar by 0.35 percent while GBPINR depreciated by 0.39 percent in the same time frame.

BOE member McCafferty’s hawkish comments on future interest rate policy helped the pushed the chances of increase in interest rates for the May meeting. Also, the Halifax HPI came in at 1.5% for Mar’18 against market expectations of 0.1%. Manufacturing production data from UK came in at -0.2% for Mar’18 against market expectations of 0.2%.

GBPINR is expected to depreciate in today’s session.

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