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Published on 11/01/2018 9:48:14 AM | Source: Angel Broking Pvt Ltd

GBP depreciated against the US dollar by 0.25 percent - Angel Broking

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

FUNDAMENTAL OUTLOOK

Indian rupee

Yesterday rupee appreciated by 0.07 percent as dollar index weakened by 0.21 percent. Rupee had appreciated on account of dollar selling by exporters and corporates. However, the FY18 GDP growth estimates for India came in 6.5% which was the lowest in last 4 years. Effects of demonization and GST were cited as the reason for this slow growth. However, Indian equity market turned negative for first time during the week as it weakened by -0.05 percent in Nifty Index.

The US dollar weakened on account of worries from China likely to stop buying US government bonds. Also, that Donald Trump may end NAFTA trade agreement with its counterparties. The Non-farm employment data came in at 148,000 for Dec’17 which was below market expectations of 190,000. Non-manufacturing PMI also could not live up to market expectations of 57.6 for Dec’17 and ended up at 55.9.

USDINR is expected to move sideways in the coming session

Euro

EURUSD appreciated by 0.08 percent while EURINR depreciated by 0.22 percent during the day.

Political uncertainties in Italy started rising before the start of elections as Former Italian Prime Minister’s Silvio Berlusconi’s coalition partner disagreed with him, when the former PM said Italy cannot afford to leave Euro. However, the rival party five start movement leader said that he has no plans to leave Euro. Also, Services PMI and CPI inflation from the Euro area came in line with market sentiments.

 EURINR is expected to move sideways in the coming session

Sterling pound

GBP depreciated against the US dollar by 0.25 percent but GBPINR appreciated by 0.32 percent during the day.

The chancellor and British secretory travelled to Germany to ensure that UK’s financial industry does not get affected after UK leaves EU. Also, UK manufacturing PMI for Dec’17 came in at 56.3 which were below market expectations. However, manufacturing production from UK came in at 0.4% for Dec’17 which was higher than market expectations by 0.1 percent.

GBPINR is expected to depreciate in the coming session

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