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Published on 15/11/2019 9:57:29 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 15 Nov 2019 - INR, EUR, GBP by Angel Broking

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

FUNDAMENTAL OUTLOOK

Key Highlights

* EU commission downgrades growth forecast

* UK China trade deal gets postponed

* BOE keeps rates unchanged at 0.75%

 

Indian rupee

Indian Rupee appreciated by 0.26 percent yesterday while the Dollar index decreased by 0.21 percent during the same time frame. Meanwhile, India’s factory output shrinks to 4.3 percent for Sep’19 the lowest in last eight years. CPI from India came in at 4.62 percent which is higher than RBI’s medium target of 4 percent.

Donald Trump said that trade talks with China were moving along “very nicely” but the United States would only make a deal with Beijing if it was the right one for America. Meanwhile, Federal Reserve Chairman Jerome Powell in his latest testimonial stuck to his view that interest rates are probably on hold after three straight reductions, while signaling that the U.S. central bank could resume cutting if the growth outlook falters. CPI from US came in at 0.4 percent against market expectations of 0.3 percent for Oct’19. PPI from US came in at 0.4 percent for Oct’19 against market expectations of 0.3 percent.

USDINR is expected to move sideways in today’s session.

 

Euro

EURUSD appreciated by 0.14 percent yesterday while EURINR appreciated by 0.08 percent the same time frame.

Germany released the November ZEW survey on Economic Sentiment, which came in at -2.1, much better than the previous - 22.8 and the expected -13. German GDP data came in at 0.1 percent against expectations of -0.1 percent. CPI from France came in at 0 percent for Oct’19 against market expectations of -0.1 percent.

EURINR is expected to move sideways in today’s session.

 

GBP

GBP increased against USD by 0.25 percent yesterday while GBPINR appreciated by 0.01 percent.

The Bank of England Governor Mark Carney, voted to keep the rate at 0.75%, they signalled that a further deterioration could see more policy makers support easing. CPI from UK came in at 1.5 percent for Oct’19 against market expectations of 1.6 percent. According to the official data, UK Retail Sales fell by 0.1% MoM in October and increased by 3.1% yearly basis, both missing the market’s expectations.

GBPINR is expected to move sideways in today’s session.

 

 

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