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Published on 22/01/2019 9:51:33 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 22 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 0.3 percent yesterday while the Dollar Index remained flat. 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. However, the concerns and political uncertainties that have been leading the way these last month’s remain the same, as China released in-line with expected GDP data at the beginning of the day which confirmed slowing economic growth.

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

 

Euro

EURUSD appreciated by 0.03 percent yesterday while EURINR depreciated by 0.06 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 appreciate in today’s session.

 

GBP

GBP rose against USD by 0.13 percent yesterday while GBPINR depreciated by 0.1 percent during the same time frame.

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. Theresa May submitted the Plan B for Brexit but it was hardly any different from Plan A. In her talks she ruled out the chances of a second referendum and use of Art.50.

GBPINR is expected to move sideways in today’s session.

 

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