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Published on 24/06/2019 11:04:12 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 24 June 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

Key Highlights

* US FED signals possibility of rate cut

* ECB signals likely restart in stimulus program

* BOE keeps interest rates unchanged at 0.75%

 

Indian rupee

Indian Rupee appreciated by 1.5 percent last week while the Dollar Index increased by 0.94 percent on account of increase in risk appetite over the possible meeting between Xi Jinping and Donald Trump in G20. So far this year, foreign investors bought $11.20 billion in Indian equities and $1.18 billion in the debt market.

Jerome Powell and fellow policy makers left their key rate in a range of 2.25% to 2.5% on Wednesday. .However, they signalled for a possibility of a rate cut later down the year. US stocks turned positive and treasuries touched 2.03 percent for the 10 year bonds when the news arrived. Meanwhile, United States President Donald Trump said on Tuesday he has spoken to Chinese President Xi Jinping and that the two leaders' teams would restart trade talks after a long lull in order to prepare for a meeting at the G20 summit later this month.

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

 

Euro

EURUSD depreciated by 1.6 percent last week while EURINR appreciated by 3.05 percent the same time frame.

Consumer confidence from EU came in line with market expectations at -7 for June’19. Meanwhile, the leader of the European Central Bank spoke at the ECB Forum on Central Banking in Sintra and said that further interest rate cuts remain part of the central bank's tools, leaving doors opened for more stimuli, signalling that policymakers would act if inflation doesn't give signs of picking up. 

EURINR is expected to depreciate in today’s session

 

GBP

GBP decreased against USD by 1.25 percent last week while GBPINR appreciated by 2.74 percent.

Bank of England unveiled its latest monetary policy decision. As expected, the central bank left its main rate unchanged at 0.75%, as well as the APP program. The central bank is still assuming a smooth Brexit scenario, in which they could hike rates at a gradual and limited pace. Meanwhile, Annual inflation was confirmed at 2.0%, matching the market's estimates and BOE's latest forecast. Core yearly inflation came in at 1.7% as expected.

GBPINR is expected to depreciate in today’s session.

 

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