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Published on 25/06/2019 10:10:21 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 25 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 0.51percent last week while the Dollar Index decreased  by  0.25percent  on  account  of increasein  risk appetite  over  the  possible  meeting  between  Xi  Jinping  and  Donald Trump   in   G20. Viral   Acharya   deputy   RBI   Governor resigned yesterday.

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.President  Trump  has  threatened  to  impose  more sanctions on Iran. Such concerns maintain US Treasury yields under pressure, with the yield on the benchmark 10-year Treasury note at 2.03%.

USDINRis expected tomove sidewaysin today’s session.

 

Euro

EURUSD appreciated   by   0.26 percent yesterdaywhile   EURINR depreciated by 0.1percent during the same time frame.

The  IFO  Business  Confidence  Index  declined  to  97.4  in  June,  better than    the    97.3    expected,    although    its    lowest    since    late 2014.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 tomove sidewaysin today’s session.

 

GBP

GBP decreased against USDby 0.01percent yesterdaywhile GBPINR appreciated by 0.54percent.

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.

GBPINR is expected tomove sidewaysintoday’s session.

 

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