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* ECB meeting minutes comes out dovish
* Rate cut possibilities by US FED increases
* Electoral uncertainties weigh on Pound
Indian Rupee appreciated by 0.01 percent yesterday while the Dollar increased by 0.13 during the same time frame. Meanwhile, wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June
The testimony document showed that US policymakers consider that uncertainties since the June meeting have continued dimming the economic outlook, highlighting that trade tensions remain a critical issue. Furthermore, the Fed now thinks that there’s a risk weak inflation will be more persistent than anticipated, while, despite believing the jobs’ market remains strong, the current rise in wages, despite at healthy levels, is falling short from pushing inflation higher. Meanwhile, CPI data from US came in at 0.1 percent for June’19 against market expectations of 0 percent. GDP data from China came in line with market expectations at 6.2 percent for second quarter.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.11 percent yesterday while EURINR appreciated by 0.47 percent during the same time frame.
ECB’s latest meeting accounts reminded speculative interest that the European Central Bank is also in the dovish path, as the document showed that policymakers are ready to ease further as appropriate, using all the available tools, including resuming asset repurchase program and cutting rates.
EURINR is expected to appreciate in today’s session
GBP decreased against USD by 0.47 percent yesterday while GBPINR appreciated by 0.48 percent.
Ireland's finance minister Paschal Donohoe, who said that the prospect of a disorderly Brexit is now a "significant risk." Also, the Labour Party leader, Jeremy Corbyn, said that the upcoming UK PM should test his Brexit plan with a second referendum. Meanwhile, BOE signals that British banks hold enough capital to cope with a no deal Brexit and global trade war simultaneously.
GBPINR is expected to appreciate in today’s session.
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