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* RBI cuts repo rate by 35 bps
* US China trade war escalates
* Hard Brexit uncertainties increases
Indian Rupee depreciated by 0.73 percent yesterday while the Dollar increased by 0.16 during the same time frame. India CPI inflation eases to 3.14% in July’19. RBI decided to cut repo rate by 35 bps in its latest meeting. It lower India’s GDP growth rate for FY20 to 6.9 percent from 7 percent.
US announced on Tuesday that it would delay the introduction of 10% tariffs on a range of Chinese goods sold in the US, including technology products such as laptops, mobile phones and game consoles. The delay came in after Trump had announced to slap additional 10 percent tariffs on $300 billion of Chinese goods earlier this month. Post this announcement US President also mentioned that the trade talks between two nations are going well and a Sep’19 meeting is still on the cards. Meanwhile, US Fed cuts interest rates by 25 bps for the first time since 2008 citing concerns over slowdown in global economy and muted inflation in the domestic economy. US retail sales data came at 0.7 percent for Jul’19 against market expectations of 0.3 percent.
USDINR is expected to depreciate in today’s session.
EURUSD depreciated by 0.29 percent yesterday while EURINR appreciated by 0.41 percent the same time frame.
Draghi said the euro zone's central bank was looking at interest rate cuts, fresh bond buys and new policy guidance to lift persistently low inflation, which has undershot its target for the past six years. German CPI came in line with market expectations at 0.5 percent for July’19.
EURINR is expected to move sideways in today’s session.
GBP increased against USD by 0.21 percent yesterday while GBPINR depreciated by 0.94 percent.
In the Brexit front, PM Boris Johnson tweet that “we are going to restore trust in our democracy and come out of the EU on October 31st,” while opposition leader Jeremy Corbyn said he will call a noconfidence vote to stop a no-deal Brexit, and call for a general election.
GBPINR is expected to move sideways in today’s session.
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