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* ECB meeting to pave way for Euro
* Rate cut possibilities by US FED increases
* Hard Brexit Uncertainties increases
Indian Rupee depreciated by 0.3 percent last week while the Dollar increased by 0.09 during the same time frame. Meanwhile, wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June. Trade deficit narrowed to $15.28 billion in June from $16.6 billion in the same month last year.
GDP data from China came in line with market expectations at 6.2 percent for second quarter. Retail sales data from US came in at 0.4 percent for June’19 against market expectations of 0.1 percent. Building permits data from US came in at 1.22M against market expectations of 1.3M for June’19. Meanwhile, Federal Reserve Chair Jerome Powell reiterated a pledge to “act as appropriate” to keep the U.S. economy humming in a speech on Tuesday that validated expectations that an interest rate cut is on the way.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.1 percent last week while EURINR depreciated by 0.26 percent the same time frame.
The EU released an update on inflation with June CPI in the Union up by 0.2% MoM and by 1.3% YoY, surpassing the market’s expectations. The core readings also ticked higher but held anyway below the ECB’s target. Meanwhile, German economic sentiment data came in at -24.5 against market expectations of –22.1 for June’19.
EURINR is expected to appreciate in today’s session
GBP decreased against USD by 0.27 percent last week while GBPINR depreciated by 0.06 percent.
PM candidates Boris Johnson and Jeremy Hunt, both said that the Irish backstop is “dead” adding that they will take it away from any future negotiation with the EU. European politicians have repeatedly said that they won’t renegotiate the withdrawal deal, hence, fears of a hard-Brexit increased. CPI from UK came in line with market expectations at 2 percent for June’19. Meanwhile, retail sales data from US came in at 1 percent for June’19 against market expectations of 0.3 percent.
GBPINR is expected to appreciate in today’s session
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