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* US FED signals possibility of rate cut
* ECB signals no rate moves until next year
* May steps down as leader of ruling party
Indian Rupee depreciated by 0.3 percent last week while the Dollar Index increased by 0.55 percent. The RBI changed its stance to "accommodative" from "neutral" last week and cut interest rates for the third time in a row, bringing the borrowing rate to a nine-year low of 5.75%.
Markets expect that the U.S. Fed might move towards a dovish stance considering the slowdown in the economy. Weak data from US pointed towards weakening of the economy and further pressurized FED to trim the rates. Odds of a rate cut at next week’s meeting are around 18%, while at the next meeting in July, it is more than 80%, according to the CME FedWatch Tool.
USDINRis expected tosidewaysin today’s session.
EURUSD depreciated by 0.5 percent last week while EURINR depreciated by 0.15 percent the same time frame.
"The Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage," Trump tweeted without offeringany evidence. The trade war also had its impact on Yuan which in turn supported the Euro. Worsening of trade situation might further support Euro.
EURINR is expected todepreciate in today’s session.
GBP decreased against USD by 0.5 percent last week while GBPINR appreciated by 0.2 percent.
May stepped down as leader of the ruling Conservative Party on Friday, having failed three times to win parliament's support for a European Union divorce deal that was supposed to steer the country smoothly out of the bloc and deal with Britain's biggest political crisis in a generation.
Boris Johnson remains the odds-on favourite to be Britain's next PM. Nine other Tory MPs are vying to succeed May: first round of voting Thursday. Second to fourth rounds next week, before top two run-off.
GBPINR is expected totrade sidewaysintoday’s session.
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