Yesterday, Indian Rupee depreciated 0.07 percent despite dollar index weakening by 0.25 percent. However, in the recently announced data WPI from India shot up to 5.77% in June’18 on account of increase in food and fuel price. WPI in May’18 stood at 4.49 percent. So far this year rupee has depreciated by nearly 7.2 percent while foreign institutional investors have sold $853.9 million in equity and $8.77 billion in debt.
The first shots of tariffs between US and China will be fired today with US imposing $34 billion of tariffs on Chinese goods. In the second round, US to slap 10 percent tariffs on extra $200 billion on thousands of Chinese imports. Meanwhile, US PPI came in at 0.3% for June’18 against market expectations of 0.2%. US CPI came in at 0.1 percent in June’18 against market expectations of 0.2 percent. Meanwhile, core retail sales data from US came in line with market expectations at 0.4%.
USIDNR is expected to trade sideways in today’s session.
EURUSD appreciated by 0.21 percent yesterday while EURINR depreciated by 0.44 percent during the same time frame.
However, in the recently announced ECB meeting minutes the central bank sees interest rates at record for as long it is needed in order to give sufficient boost to inflation. They are also expecting a continued slowdown in growth in Q2 which was seen in Q1 as well. However, German economic sentiment data came in at -24.7 for June’18 against market expectations of -17.9.
EURINR is expected to trade sideways in today’s session.
GBPUSD remained flat against the US dollar while GBPINR depreciated by 0.08 percent.
In the UK, Theresa May is facing new demands from pro-Brexit Tories regarding the White Paper presented last week. If the conflict escalates it could put May’s position as PM at risk. Meanwhile, US Trump arrived in UK in order to meet Prime Minister Theresa May and in a speech he backed the resignation of Boris Johnson and mentioned that a soft Brexit eyed by Theresa May would likely kill chances of a trade deal with US.
GBPINR is expected to appreciate in today’s session.
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