Yesterday, Indian Rupee depreciated by 0.15 percent as dollar index strengthened by 0.08 percent. However, manufacturing PMI data from India came in at 53.1 in June’18 against 51.2 in May’18. So far this year rupee has depreciated by nearly 7 percent while foreign institutional investors have sold $548.9 million in equity and $5.98 billion in debt. CPI and IIP data from India will be released on 12th July.
In the recent FOMC minutes the committee believes in the strong domestic economy and gradual rate hikes to follow this year and the next year. Non-farm payroll data came in at 213,000 for June’18 against market expectations of 195,000. However, nonmanufacturing PMI from US came in at 59.1 for June’18 against market expectations 58.3. The first shots of tariffs between US and China will be fired today with US imposing $34 billion of tariffs on Chinese goods. In the second round, US to slap 10 percent tariffs on extra $200 billion on thousands of Chinese imports.
USIDNR is expected to trade sideways in today’s session.
EURUSD depreciated by 0.06 percent while EURINR appreciated by 0.04 percent during the same time frame.
German factory orders came in at 2.6% for June’18 against market expectations of 1.1%. However, according to certain reports markets are expecting in a rate hike from ECB in Sep-Oct 2018. In Mario Draghi’s latest speech he was confident that the QE program has been successful in providing a boost to the economy and has led to rising inflation. However, German economic sentiment data came in at -24.7 for June’18 against market expectations of -17.9.
EURINR is expected to trade sideways in today’s session.
GBPUSD appreciated against the US dollar by 0.13 percent while GBPINR depreciated by 0.27 percent.
Pound came under extreme pressure in this week post resignation of foreign secretary Boris Johnson. Meanwhile this happened just hours after Brexit Minister David Davis resigned. Meanwhile, the first quarter GDP data from UK came in at 0.3%. Manufacturing production data for June’18 came in 0.4% against market expectations of 1%.
GBPINR is expected to trade sideways in today’s session.
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