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* ECB meeting minutes comes out dovish
* Rate cut possibilities by US FED increases
* Electoral uncertainties weigh on Pound
Indian Rupee depreciated by 0.15 percent yesterday while the Dollar increased by 0.48 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. Trade deficit narrowed to $15.28 billion in June from $16.6 billion in the same month last year.
Federal Reserve Chair Jerome Powell reiterated a pledge to “act as appropriate” to keep the U.S. economy humming in a speech on Tuesday that validated expectations that an interest rate cut is on the way. 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. Retail sales data from US came in at 0.4 percent for June’19 against market expectations of 0.1 percent.
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. Meanwhile, German economic sentiment data came in at -24.5 against market expectations of –22.1 for June’19.
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
BOE signals that British banks hold enough capital to cope with a no deal Brexit and global trade war simultaneously. Meanwhile, PM candidates Boris Johnson and Jeremy Hunt, both said that the Irish backstop is “dead” adding that they will take it away from any future negotiation with the EU. European politicians have repeatedly said that they won’t renegotiate the withdrawal deal, hence, fears of a hard-Brexit increased.
GBPINR is expected to appreciate in today’s session
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