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Indian Rupee depreciated by 0.13 percent yesterday while the Dollar Index increased by 0.26 percent. GDP data from India for quarter ending March came in at 5.8 percent. This happens to be the slowest growth rate in 5 years. RBI to conduct monetary policy meeting on 6 th June 2019. The MPC is likely to cut repo rates by 25 bps in today’s meeting according to market expectations.
US Federal Reserve Chairman Jerome Powell said on Tuesday the central bank will "act as appropriate" in response to risks posed by a trade war, remarks that may open the door to the possibility of a rate cut. Meanwhile, latest development on trade war front came with both countries blaming one another from backing out of the trade talks initially opted for. The increases in tariffs have come into place since 1st June 2019. Manufacturing PMI from US came in at 52.1 against market expectations of 53 for May’19. Non-manufacturing PMI from US came in at 56.9 against market expectations of 55.6 for May’19.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.28 percent yesterday while EURINR depreciated by 0.05 percent the same time frame.
ECB warned of an economic downturn on account of the US-Sino trade war will affect the common currency as well. German Unemployment change came in at 60,000 against market expectations of -8000 for Apr’19. Meanwhile, manufacturing PMI from EU came in line with market expectations at 47.7 for May’19. ECB will be holding their monetary policy meeting today.
EURINR is expected to move sideways in today’s session.
GBP decreased against USD by 0.09 percent yesterday while GBPINR depreciated by 0.04 percent.
The US President Donald Trump’s British visit turned out to be less dramatic with no major furious statements from any side and only the praise of the relationship between the two economies. Additionally, the British Trade Secretary Liam Fox said that the UK wants more access to the US if it is to make a deal post-Brexit which is quite possible.
GBPINR is expected to depreciate in today’s session.
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