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* US FED signals possibility of rate cut
* ECB signals likely restart in stimulus program
* BOE keeps interest rates unchanged at 0.75%
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.
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 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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