Yesterday rupee depreciated by 0.35 percent as dollar index strengthened by 0.6 percent. Rupee and other Asian currencies weakened against dollar after China said it would respond any efforts to incite a trade war. Also, services PMI for India came down to 47.8 in Feb’18 as compared to 52.5 in Jan’18. However, Indian equity market remained positive with a surge of 0.86 percent in the nifty index.
The US dollar gained strength as President Donald Trump announce that will soften the import tariff by exempting Canada and Mexico from the tariffs and mentioned other countries can too apply for the same but the chance of getting exemptions are very thin. US unemployment claims increased to 231,000 against market expectations of 220,000 for previous week.. Services PMI came in line with market expectation at 55.9 for Feb’18. Also, nonmanufacturing PMI came in at 59.5 against market expectations of 58.9 in Feb’18. ADP Non-farm payroll data for Feb’18 came in at 235,000 against market expectations of 199,000.
USDINR is expected to move sideways in the coming session
EURUSD depreciated by 0.82 percent while EURINR appreciated by 0.36 percent during the same time frame. In the latest ECB meeting the committee decided to keep the rates unchanged but they dropped their easing bias fuelling expectation of a normalisation in the monetary policy. Euro zone services PMI came in at 56.2 against market expectations of 56.7 in Feb’18. Euro zone CPI for Jan’18 came in line with market expectations at 1.2%. Euro zone Q4 2017 GDP came in line with market expectations at 0.6%.
EURINR is expected to appreciate in the coming session
GBP depreciated against the US dollar by 0.64 percent while GBPINR appreciated by 0.29 percent during the day.
Halifax HPI came in line with market expectations at 0.4% in Feb’18. Also, in an EU report they dismissed Theresa May’s Brexit speech explaining that it did not provide any sensible solutions for ongoing trade issues. Also, Bank of England to set up public panels to get understanding on the economy as mentioned by MPC member Andy Haldane. Also, services PMI came in at 54.5 against market expectations of 53.3 in Feb’18.
GBPINR is expected to appreciate in the coming session
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