Yesterday rupee appreciated by 0.08 percent despite dollar index strengthening by 0.03 percent. Market will be awaiting the IIP data and the CPIU today. According to market estimates IIP for Apr’18 is expected at 6% and CPI inflation for May’18 is expected at 4.8%. Meanwhile, India’s services PMI for May’18 came in at 49.6 against market expectations of 51.6.
China has offered to purchase close to $70 billion worth of US good over the next year according to a report calming down fears of trade war. Also, ISM non- manufacturing PMI came in at 58.6 against market expectations of 57.9 for May’18. Unemployment claims for the week came in line with market expectations at 222,000. US President Donald Trump and North Korea’s Kim Jong-Un kicked off their historic Summit today in Singapore.
USDINR is expected to appreciate in today’s session.
EURUSD appreciated by 0.14 percent while EURINR depreciated by 0.2 percent during the same time frame. Services PMI from Euro zone came in line with market expectations at 53.8 in May’18. Meanwhile, officials from ECB could wind down their stimulus by the end of the year according to a report as they are citing robust growth in the region and are confident that inflation is on its way back to the target. ECB’s Weidmann says first ECB Rate Hike could follow the end of Quantitative Easing. ECB will be holding their monetary policy meeting on 14Th June 2018.
EURINR is expected to appreciate in today’s session.
GBP depreciated against the US dollar by 0.28 percent while GBPINR appreciated by 0.36 percent. Manufacturing PMI from UK came in at 54.4 against market expectations of 53.5 for May’18. Also, services PMI from UK came in at 54 against market expectations of 52.9 for May’18. Housing inflation data from UK for May’18 came in at 1.5% against market expectations of 1.1%. Meanwhile, UK interior minister Sajid Javid said the UK will be ready to provide Brexit policies for the EU June summit. Manufacturing production data from UK came in at -1.4% for May’18 against market expectations of 0.3%.
GBPINR is expected to move sideways in today’s session.
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