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Published on 18/06/2019 9:35:18 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 18 June 2019 - INR, EUR, GBP by Angel Broking Pvt Ltd

Posted in Currency Report| #Currency Tips #Angel Broking Pvt Ltd

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FUNDAMENTAL OUTLOOK

Key Highlights

* 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

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.

 

Euro

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

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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