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Indian Rupee marginally depreciated 0.01 percent yesterday while the Dollar Index decreased by 0.02 percent. The result of the election will have a significant impact on the domestic currency. Existing government is likely to form the government again has led to the recent appreciation in Indian rupee.
The U.S. Commerce Department announced Monday it had granted a 90-day license for mobile phone companies and internet broadband providers to work with Huawei to keep existing networks online and protect users from security risks. Chinese ambassador Mr. Tinkai added that China is still committed to addressing trade imbalance with the US by buying more products and services. Meanwhile, US Fed in its latest meeting minutes is likely to keep interest rates constant for some time and many sided with Jerome Powell that the recent dip in inflation is temporary.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.05 percent yesterday while EURINR depreciated by 0.09 percent the same time frame.
German CPI came in line with market expectations at 1 percent for Apr’19. German GDP data came in line with market expectations at 0.4 percent. German PPI came in at 0.5 percent against market expectations of 0.4 percent for Apr’19. EU’s consumer confidence came in at -7 for May’19 against market expectations of -8.
EURINR is expected to move sideways in today’s session.
GBP decreased against USD by 0.35 percent yesterday while GBPINR appreciated by 0.33 percent.
PM May surprised the markets this Tuesday by announcing a new Brexit bill, which details will be unveiled in the next few days, clarifying that she still opposes a second referendum. DUP Deputy Dodds said that while they might need to wait to see the text of the 'new bill,' it was clear that fatal flaws remain unchanged. UK April's inflation increased by less than expected, up by 0.6% MoM and by 2.1% YoY.
GBPINR is expected to appreciate in today’s session
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