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Published on 29/05/2019 9:36:32 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 29 May 2019 - INR, EUR, GBP by Angel Broking Pvt Ltd

Posted in Currency Report| #Currency Tips #Angel Broking Pvt Ltd

FUNDAMENTAL OUTLOOK

Indian rupee

* Indian Rupee depreciated by 0.15 percent yesterday while the Dollar Index increased by 0.35 percent. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,215.36 crore Monday, as per provisional data.

* 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, Lingering tensions between the US and China added to the dollar's strength, following the latest comments from US President Trump, who said Monday that the country is not ready to make a deal with China. Chinese ambassador Mr. Tinkai added that China is still committed to addressing trade imbalance with the US by buying more products and services. Consumer confidence data from US came in at 134.1 for May’19 against market expectations of 130.1.

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

 

Euro

* EURUSD depreciated by 0.32 percent yesterday while

* EURINR appreciated by 0.08 percent in the same time frame.

* EU’s consumer confidence came in at -7 for May’19 against market expectations of -8. Over the weekend, Europe went to the polls to renew its Parliament, and the result was hardly a surprise. The centrist bloc lost the majority, with greens and euro sceptics adding seats, although pro-EU parties held onto roughly two-thirds of the seats.

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

 

GBP

* GBP decreased against USD by 0.2 percent yesterday while GBPINR appreciated by 0.05 percent.

* PM Theresa May, after failing to get support for her Brexit deal announced her resignation which might pressurize pound. The recent victory of the newly found Brexit party in the EU election is likely to add more stringent condition and increase chances of the hard Brexit which seems weighing on the British Pound (GBP) off late

GBPINR is expected to appreciate in today’s session.

 

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