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Published on 27/05/2019 9:39:38 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 27 May 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

Indian rupee

Indian Rupee appreciated by 0.8 percent last week while the Dollar Index decreased by 0.09 percent. The result of the election had a significant impact on the domestic currency. Existing government formed the government again has led to the recent appreciation in Indian rupee. 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. Meanwhile, 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.

In the coming week, USDINR will be driven by GDP data from both US and India.

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

 

Euro

EURUSD appreciated by 0.2 percent last week while EURINR appreciated by 0.56 percent the same time frame. 

EU’s consumer confidence came in at -7 for May’19 against market expectations of -8. German manufacturing PMI came in at 44.3 for Apr’19 against market expectations of 44.9. German flash services PMI came in at 55 in line with market expectations for Apr’19. Meanwhile, German PPI came in at 0.5 percent against market expectations of 0.4 percent for Apr’19.EURINR in the coming week will be driven by European Parliamentary elections.

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

 

GBP

GBP decreased against USD by 0.46 percent last week while GBPINR appreciated by 1.22 percent.

The Brexit withdrawal bill that PM May was supposed to present this Friday won't be published or debated until early June. The Committee met late failed to agree on a rule change which would allow to outs PM May.

PM Theresa May, after failing to get support for her Brexit deal announced her resignation which might pressurize pound.

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

 

 

 

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