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Published on 15/04/2019 9:55:08 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 15 April 2019 - INR, EUR, GBP by Angel Broking Pvt Ltd

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

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FUNDAMENTAL OUTLOOK

 Indian rupee

 Indian Rupee depreciated by 0.2 percent last week while the Dollar Index declined by 0.37 percent. RBI said it will inject long term liquidity worth $5 billion USD on 23rd Apr’19 for three years the second time within a month. According to the International Monetary Fund (IMF), India is projected to grow at 7.3% in 2019 and 7.5% in 2020.

Majority of U.S. Federal Reserve policymakers expected interest rates to remain steady this year in the FOMC meeting minutes. Policymakers saw continued U.S. Meanwhile, PPI from US came in at 0.6 percent for Mar’19 against market expectations of 0.3 percent. Unemployment claims for the week came in at 196000 against market expectations of 210000. U.S. officials are “not satisfied yet” about all the issues standing in the way of a deal to end the U.S.- China trade war but made progress in talks with China last week, a top White House official mentioned earlier this week.

USDINR is expected to appreciate in today’s session.

 

Euro

EURUSD appreciated by 0.6 percent last week while EURINR depreciated by 0.83 percent the same time frame.

German CPI policy meeting came in line with market expectations at 0.4 percent for Mar’19. Meanwhile, In ECB policy meeting the bank left interest rates unchanged at 0 percent and did not change the forecasts for coming years. However, Draghi reiterated that the risk remains tilted to the downside and that rates will remain low throughout this year, or as long as needed.

EURINR is expected to appreciate in today’s session.

 

GBP

GBP rose against USD by 0.21 percent last week while GBPINR depreciated by 0.4 percent.

GDP data from UK came in line with market expectations at 0.2 percent. Meanwhile, PM May headed to Brussels in an attempt to convince EU leaders to get a Brexit extension up to June 30. However, EU members are ready to provide extension till 31st Oct 2019. PM May addressed Commons later in the day and said that reaching a cross-party agreement won't be easy, but that both parties need to compromise to do it.

GBPINR is expected to appreciate in today’s session.

 

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