Published on 19/05/2017 9:18:24 AM | Source: Angel Broking Pvt Ltd

EURINR spot is likely to trade sideways to higher - Angel Broking

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


FUNDAMENTAL OUTLOOK

Indian rupee

USDINR spot depreciated by 1.17 percent in yesterday’s trading session tracking losses in Asian market equities amid global concerns. On the US front, the Justice Department has appointed former FBI Director Robert Mueller to investigate Russian interference in the president election. This fuelled concerns in the global markets pushing the demand for the Indian Rupee lower. Investors resorted to profit-booking after their three-consecutive days of recordbreaking spree. Today, USDINR spot is likely to depreciate tracking losses in the Asian market currencies.

 

Euro

EURUSD spot traded lower by 0.51 percent (EURUSD) while EURINR spot surged higher by 0.69 percent yesterday owing to persistent worries in the global markets with respect to Trump’s administration. In a recent comment, one of the ECB board members Benoit Coeure said that the ECB should not wait too long before paring back stimulus once it is convinced that inflation has recovered. Euro zone inflation is now just under 2% and its growth is on its best run for years. Today, EURINR spot is likely to trade sideways to higher.

 

Sterling pound

GBPUSD spot traded lower by 0.26 percent (GBPUSD) while GBPINR surged by 0.91 percent yesterday as Mr. Trump's presidency is engulfed in controversy which kept the markets lower. There were reports that Donald Trump had asked former FBI director James Comey to end an investigation into National Security Adviser Michael Flynn during an Oval Office visit back in February. Furthermore, recent debacle with the UK PM’s attempt to gel with public has pushed the pound higher as markets believe that if May losses out on votes in the upcoming elections there might be some good news on the Brexit front. GBPINR spot is expected to trade lower today.

 

Japanese Yen

Yesterday, USDJPY spot depreciated by 0.60 percent while JPYINR rose by 0.57 percent amid global concerns which includes cyber attack, Donald Trump and UK/France elections which has boosted the demand for safe-haven Yen. JPYINR spot is expected to rise.

 

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