In the last week, USDINR spot appreciated by 0.07 percent on account of dovish Fed minutes that showed that the Fed policymakers appeared increasingly wary about recent weak inflation thereby prompting them to halt interest rate hikes until it was clear the trend was transitory. This pushed the US Dollar Index lower in turn boosting the demand of the Indian Rupee. In today’s trading session, USDINR spot is expected to appreciate as markets question the commitment of a third rate hike in 2017 by the Fed after the FOMC meeting minutes.
In the last week, EURINR spot plunged by 0.66 percent after sources signaled that the ECB Chief would not use his Jackson Hole appearance to signal policy change by the bank. Also, lack of important economic datasets from the zone kept the trading volumes a bit light. In today’ trading session, EURINR spot is expected to trade a bit higher as recent fall in the currency shall prompt the traders to place fresh bets.
In the last week, GBPINR spot plunged by more than 1 percent as the market focus has now shifted away from the Bank of England meeting to another round of Brexit negotiations commencing on August 28. Also, inflation rate from the nation has once again surged at an annual rate of 2.6 per cent in July, thereby further reducing prospects of an imminent interest rate hike from the Bank of England. In today’ trading session, GBPINR spot is expected to trade lower as Brexit negotiations infuse jitters in the minds of investors.
In the last week, the price trend of JPYINR spot was quite mixed. It started off on a weak note however in the later part of the week the demand for safe-haven Yen increased. Global markets are trading in red which clearly means that investors have adopted the ‘risk-off mode’ given the tensions surrounding North Korea and changes in monetary policies of the world’s developed economies. Due to this, the demand for safe-haven Yen got a boost and is expected to trade higher in today’s trading session.
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