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Published on 21/01/2019 9:47:09 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 21 January 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

Indian rupee

Indian Rupee depreciated by 1.0 percent last week while the Dollar Index increased by 0.48 percent. Rupee remained under pressure on account of continuous strength in greenback and rising crude oil prices.

Meanwhile, The House on a 237-187 vote passed the latest in a series of bills to end the partial government shutdown with little Republican support. The measure would provide $12.1 billion in disaster aid and reopen the closed agencies and the federal department through Feb 8 but it does not provide the required funds for the border wall eyed by Donald Trump.

On the trade war front, US is thinking to ease out certain tariffs on China to get a better with them. The Trump administrations have paused their trade war till 1st March amid negotiations to get a better trade deal.

USDINR is expected to trade sideways in today’s session.

 

Euro

EURUSD depreciated against US dollar by 0.7 percent last week while EURINR depreciated by 0.33 percent the same time frame.

CPI from Germany came in line with market expectations at 0.1 percent for Dec’18. Meanwhile, UK MP’s rejected the Brexit deal yesterday by a massive 423 to 202 votes against the government. The EU and European governments warned Tuesday that the British parliament's rejection of a Brexit deal heightened the risk of a disorderly withdrawal from the bloc.

EURINR is expected to trade sideways in today’s session.

 

GBP

GBP rose against USD by 1.11 percent last week while GBPINR depreciated by 2.06 percent.

PM May won the no confidence vote held against her yesterday. CPI from UK came in line with market expectations at 2.1 percent for Dec’18. However, Prime Minister Theresa May lost her bid to bring the ill-fated Brexit deal through the House of Commons by a huge majority of 230 votes. The tally of 432-202 had 118 Conservatives voting against their own Prime Minister in the most lopsided government loss in history.

GBPINR is expected to appreciate in today’s session.

 

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