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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 0.04percent yesterdaywhile the Dollar Index decreased by 0.01percent on account of sell off in domestic equitiesand concerns over Indo-US trade tariff disagreements.
Markets expect that the U.S. Fed might move towards a dovish stance considering the slowdown in the economy. Odds of a rate cut at next week’s meetingare around 18%, while at the next meeting in July, it is more than 80%, according to the CME Fed Watch Tool. Retail sales data from US came in at 0.5 percent against marketexpectations of 0.7 percent for May’19.Meanwhile, CPI data from US camein line with market expectations at 0.1 percent for May’19.
USDINRis expected tosidewaysin today’s session.
EURUSD appreciated by 0.09percent yesterdaywhile EURINR depreciated by 0.19percent during the same time frame.
ECB ́s Benoit Coeure warned of “bleak” indicators about the health of the global economy, and that risks could materialize in the next few meetings.EU published Q1 Labour Cost, which rose by less-than-anticipated, up by 2.4% vs. the 2.6% forecasted.
EURINR is expected toappreciatein today’s session.
GBP decreased against USD by 0.46percent yesterdaywhile GBPINR appreciated by 0.42percent.
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.
The UK's political uncertainty was the main reason behind the declineas, Jeremy Hunt, one of the candidates for Tories' leadership, was on the wires saying that is possible to renegotiate the Brexit deal, even despite EU authorities denied such option multiple times.
GBPINR is expected toappreciateintoday’s session.
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