Published on 23/03/2017 9:18:05 AM | Source: Angel Broking Pvt Ltd

Sterling pound traded higher - Angel Broking

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


FUNDAMENTAL OUTLOOK

Indian rupee

The Indian Rupee spot depreciated by 0.18 percent in yesterday’s trading session owing to persistent demand for US Dollar by importers and banks. Concerns over Donald Trump future policies have kept markets in a cautious mood. Investors fear that Trump’s failure to repeal Obamacare may mean his pro-growth tax reform policies would hit a roadblock. All these factors kept the Indian markets and currencies pressurized. Today, USDINR spot is likely to depreciate.

 

Euro

Yesterday, the Euro currency spot traded lower by 0.12 percent (EURUSD) and 0.17 percent (EURINR) after a Dutch newspaper reported that EU is ready to take Britain to court if it does not agree on key issues such as the £50 billion ($62.4 billion) Brexit divorce bill. Furthermore, the release of trade balance report showed that EU’s current account surplus narrowed to 15-month low. Fresh figures show the surplus fell to €24.1bn in January’17, down from a revised €30.8bn the previous month. Due to all the above factors, EURINR spot is expected to trade lower.

 

Sterling pound

Sterling pound traded higher by 0.04 percent (GBPUSD) and 0.24 percent (GBPINR) in yesterday’s trading session as markets are still counting the robust release of inflation data from the nation that broke through the Bank of England’s target for the first time in more than three years. Today, GBPINR spot is likely to trade lower after an attack close to Britain's Parliament killed five people, including the attacker and a police officer, and injured 40. This will keep the investors a bit cautious.

 

Japanese Yen

USDJPY spot appreciated by 0.51 percent while JPYINR spot rose by 0.70 percent yesterday owing to a terror attack in London which kept investors in a cautious mood. Furthermore, the FBI Director James Comey confirmed on investigating the possible interference by Russian government in the 2016 US Presidential Elections. All the above factors have boosted the demand for safe haven Yen and is likely to rise once again in today’s trading session.

 

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