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* Indian Rupee depreciated by 0.06 percent yesterday while the Dollar Index increased by 0.13 percent on account of elevated crude oil prices and weak domestic equity markets. Services PMI from India came in at 51 for Mar’19 against market expectations of 52.5. CPI from India came in at 2.92 percent for Apr’19 against market expectations of 2.7 percent.
* 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. Meanwhile, according to Morgan Stanley warned that a collapse of the trade talks and a lasting breakdown with higher tariffs on all US-China trade would push the global economy towards recession
USDINR is expected to move sideways in today’s session.
* EURUSD depreciated by 0.11 percent yesterday while EURINR appreciated by 0.26 percent the same time frame. German CPI came in line with market expectations at 1 percent for Apr’19. German GDP data came in line with market expectations at 0.4 percent.
* German PPI came in at 0.5 percent against market expectations of 0.4 percent for Apr’19. EU’s consumer confidence came in at -7 for May’19 against market expectations of -8.
EURINR is expected to move sideways in today’s session.
* GBP decreased against USD by 0.17 percent yesterday while GBPINR appreciated by 0.11 percent.
* PM May surprised the markets this Tuesday by announcing a new Brexit bill, which details will be unveiled in the next few days, clarifying that she still opposes a second referendum. DUP Deputy Dodds said that while they might need to wait to see the text of the 'new bill,' it was clear that fatal flaws remain unchanged.
GBPINR is expected to move sideways in today’s session.
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