Indian Rupee appreciated by 0.27 percent as dollar index weakened by 0.51 percent during the day mainly on account of correction in crude oil prices. Meanwhile, IIP data and CPI data is due on Friday. CPI is expected at 4 percent for Sep’18 against 3.69 percent for Aug’18. IIP will be at 3.9 percent for Aug’18 versus 6.6 percent for previous month.
In Jerome Powell’s latest speech he believes the US economy is growing at a good strength and sees no evidence of labour markets overheating or price pressures accelerating. Growth concerns led PBOC to cut level of cash that bank must hold for reserves. US PPI came in line with market expectations at 0.2 percent for Sep’18. Meanwhile, the dollar index had been suffering in the last couple of days of the week on account of US treasury yields hitting its lowest level of 2 weeks. CPI from US came in at 0.1 percent for Sep’18 against market expectations of 0.2 percent.
USDINR is expected to move sideways in today’s session.
EURUSD appreciated by 0.65 percent while EURINR appreciated by 0.07 percent during the same time frame.
The Italian government decided to set a 2.4% budget deficit, defying European demands. Italy’s bond and equities suffer heavily after a sharp sell off as investors were worried about a deepening spat between Italy and EU over the country’s budget. Meanwhile, following Italy’s footsteps even French leaders started making antiEU statements.
EURINR is expected to move sideways in today’s session.
GBP appreciated against the US dollar by 0.3 percent yesterday while GBPINR depreciated by 0.02 percent.
Pound gained heavily yesterday on account of Britain and EU moving closer towards the Brexit deal. According to reports the divorce terms could be out by next Monday while agreement on future trade relationship could be done by November. Meanwhile, monthly GDP data from UK came In at 0 percent against market expectations of 0.1 percent for Sep’18. Manufacturing production from UK came in at 0.2 percent against market expectations of 0.1 percent for Sep’18.
GBPINR is expected to move sideways in today’s session.
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