* EU commission downgrades growth forecast
* UK China trade tension escalates
* BOE keeps rates unchanged at 0.75%
On Monday, Indian Rupee depreciated by 0.42 percent closing at 71.94 while the Dollar index decreased by 0.21 percent during the same time frame. Inflation numbers tracked by the CPI in India showed consumer prices leaped by 4.62 percent in October’19 (YoY), higher than September’19 gains of about 4 percent.
President Donald Trump reluctant to revoke the tariffs on Chinese goods signalled towards a hint of tension persisting between the super power nations. The prolonged trade and tariff tension has fanned recessionary fears which weighed on the Dollar.
Markets will keenly await for the U.S. Federal Reserve’s minutes due on Wednesday for hints on their further approach.
USDINR is expected to move lower in today’s session.
On Monday, EURUSD appreciated by 0.18 percent while EURINR appreciated by 0.75 percent. Better than expected Eurozone supported the prices. Eurozone’s core and headlined CPI were in line with their expectation showing a steady growth in their economy.
Markets will have a keen watch on the German manufacturing PMI and ECB monetary policy meeting minutes.
EURINR is expected to move sideways in today’s session.
On Monday, GBP increased against USD by 0.41 percent whereas GBPINR appreciated by 0.83 percent. The uptrend in the prices was witnessed reflecting the increasing odds of Tory’s leadership.
However, the gains were capped as rising uncertainties around the U.S. & China trade spat amid Russian meddling in the British politics weighed on the market sentiments.
GBPINR is expected to move sideways in today’s session.
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