Published on 23/05/2017 9:47:06 AM | Source: Angel Broking Pvt Ltd

GBPINR spot is expected to trade higher today - Angel Broking

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


FUNDAMENTAL OUTLOOK

Indian rupee

USDINR spot depreciated by 0.12 percent in the yesterday’s trading session owing to month end dollar buying by importers and banks pushed the Indian Rupee lower. Domestic markets i.e. Sensex and Nifty ended in green after the GST Council finalized rates for bulk of the goods and services last week. Investors are playing safe by either booking profits or refraining from making any risky investments amid global concerns concerning US, North Korea and Russia which has fuelled concerns in the global markets pushing the demand for the Indian Rupee lower. Today, USDINR spot is likely to weaken today tracking weakness in the Asian market currencies.

 

Euro

Euro spot traded higher by 0.28 percent (EURUSD) and 0.37 percent (EURINR) yesterday after the German Chancellor Angela Merkel and France's new President Emmanuel Macron agreed to outline a roadmap for deeper European Union integration and opened the door to changing the bloc's treaties after meeting in Berlin. Furthermore, the Greek lawmakers approved of pension cuts and tax hikes sought by the country's lenders to unlock vital financial aid, as angry demonstrators protested outside parliament over new austerity, the latest since the country plunged into crisis seven years ago. Today, EURINR spot is likely to trade higher as Euro zone finance ministers and the International Monetary Fund will seek a deal today on Greek debt relief that balances the IMF's demand for a clear "when and how" with Germany's preference for "only if necessary" and "details later".

 

Sterling pound

Sterling Pound spot traded lower by 0.28 percent (GBPUSD) and 0.4 percent (GBPINR) yesterday owing to weakness seen in the US dollar Index after reports surfaced that Donald Trump had asked former FBI director James Comey to end an investigation into National Security Adviser Michael Flynn during an Oval Office visit back in February. Furthermore, the upcoming elections in Britain have kept investors on toes. In a recent poll, support for the Conservatives dropped by around five percent, while Labor saw a similar increase in popularity to close the gap in polls to nine points. GBPINR spot is expected to trade higher today.

 

Japanese Yen

Yesterday, USDJPY spot traded flat while JPYINR rose by 0.15 percent amid global concerns which includes cyber attack, Donald Trump and UK/France elections which has boosted the demand for safe-haven Yen. JPYINR spot is expected to trade higher today

 

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