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Published on 10/08/2018 10:00:33 AM | Source: Angel Broking Pvt Ltd

GBPINR is expected to move sideways in today`s session - Angel Broking

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

FUNDAMENTAL OUTLOOK

Indian rupee

Indian Rupee depreciated by 0.15 percent yesterday as dollar index strengthened by 0.48 percent during the same time frame on account of renewed dollar demand from importers and corporates. So far this year rupee has depreciated by nearly 7.4 percent while foreign institutional investors have sold $524 million in equity and $6.21 billion in debt. Most Asian currencies declined against dollar on account of US sanctions on Iran and escalating trade tensions between US and China.

In the latest FOMC meeting held yesterday the US FED decided to keep interest rates unchanged at 2 percent. However, non-farm payroll from US came in at 157000 for July’18 against market expectations of 191000. Meanwhile, trade tensions between US and China got escalated further as China retaliated by imposing 25 percent tariffs on further $16 billion of US goods after US imposed additional tariffs on Chinese goods worth $16 billion. US PPI came in a0% for July’18 against market expectations of 0.2%.

USDINR is expected to move sideways in today’s session.

Euro

EURUSD depreciated by 0.72 percent yesterday while EURINR appreciated by 0.28 percent during the same time frame.

The Euro is back under pressure even as the European Central Bank’s (ECB) economic bulletin highlights expectations for ‘solid and broadbased economic growth. Euro remains at risk as the council is no rush to move away from the easing cycle. Meanwhile, Euro zone CPI came in at 2.1% for June’18 against market expectations of 2%. German factory orders came in at -4% against market expectations of -0.3% for July’18.

EURINR is expected to appreciate in today’s session.

GBP

GBPUSD depreciated by 0.44 percent while GBPINR appreciated by 0.3 percent.

BOE Governor Carney iterated that Brexit still holds a major risk for the economy if the desired outcome is not reached. Pound likely to suffer more as a no Brexit deal is likely on the cards. Halifax HPI from UK came in at1.4% for July’18 against market expectations of 0.2%. Important data set from UK will be released today which is the q/q GDP from UK.

GBPINR is expected to move sideways in today’s session.

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