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* Trump signed a bill supporting Hong Kong protestors
* India’s Q2 GDP slumps to 4.5%
Indian Rupee appreciated by 0.36 percent yesterday while the Dollar index decreased by 0.09 percent during the same time frame. Manufacturing PMI from India came in at 51.2 for Nov’19 against market expectations of 49.8. RBI will be holding their monetary policy meeting today and the market is expecting a 25bps rate cut.
On the trade war front, U.S. President Donald Trump said on Wednesday that trade talks with China were going “very well,” sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 U.S. presidential election. Meanwhile, ADP non-farm payroll data from US came in at 67000 against market expectations of 137000 for Nov’19. Nonmanufacturing PMI from US came in at 53.9 against market expectations of 54.5 for Nov’19. Services PMI from US came in line with market expectations at 51.6 for Nov’19.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.05 percent yesterday while EURINR appreciated by 0.44 percent the same time frame.
Christine Lagarde said the European Central Bank will be “resolute” in restoring euro-zone price stability under her presidency, while stressing that an upcoming strategy review will be wide-ranging, including climate change as well as inflation. ECB will continue to hold its stance of an accommodative monetary policy which has been a key driver for demand recovery.
EURINR is expected to move sideways in today’s session.
GBP increased against USD by 0.85 percent yesterday while GBPINR depreciated by 0.49 percent.
Opinion polls suggest a victory for Prime Minister Boris Johnson, the Conservative candidate in this general election but British politics remains unpredictable, and a number of outcomes are possible. Meanwhile, manufacturing PMI from UK came in at 48.9 for Nov’19 against market expectations of 48.3. Construction PMI from UK came in at 45.3 for Nov’19 against market expectations of 44.5. Services PMI from UK came in at 49.3 against market expectations of 48.6 for Nov’19.
GBPINR is expected to move sideways in today’s session.
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