Published on 8/01/2018 9:54:09 AM | Source: Angel Broking Pvt Ltd
USDINR is expected to move sideways in the coming session - Angel Broking
Last week rupee appreciated by 0.7 percent as dollar index weakened by 0.03 percent. The manufacturing PMI for Dec’17 came in at 5 year high of 54.7. Also the services PMI grew at good to reach 50.9 in Dec’17. The FY18 GDP growth estimates for India came in 6.5% which was the lowest in last 4 years. However, Indian equity market remained positive during the week with a surge of around 0.26 percent in Nifty Index. During the start of the week there was less movement in dollar index as international markets remained closed on account of New Year holiday. The manufacturing PMI from US came in at 59.7 for Dec’17 which was higher than market sentiments. The Non-farm employment data came in at 148,000 for Dec’17 which was below market expectations of 190,000. Nonmanufacturing PMI also could not live up to market expectations of 57.6 for Dec’17 and ended up at 55.9.
USDINR is expected to move sideways in the coming session
EURUSD appreciated by 0.4 percent while EURINR appreciated by 0.31 percent during the same time frame. The grand coalition talks in Germany between Angela Merkel’s conservatives and Social Democrats will start on 7Th Jan 2018. Euro region PMI for Dec’17 came in 60.6 which were higher than Nov’17 reading of 60.1. It was the highest since the survey began in June 1997. However, except for German PMI the Spanish, Italian and French came in below market expectations. Also, ECB’s board member Benoit Coeure said that there is a reasonable chance that the bond buying stimulus may not need to be extended beyond Sep’18. Also, Services PMI and CPI inflation from the Euro area came in line with market sentiments.
EURINR is expected to move sideways in the coming session
GBP appreciated against the US dollar by 0.11 percent last week. Also, GBPINR appreciated by 0.59 percent during the same time period. UK manufacturing PMI for Dec’17 came in at 56.3 which were below market expectations. The same story was followed by construction PMI which came in at 52.2 for Dec’17. Contradictory to other two indicators Services PMI came in at 54.2 for Dec’17 in line with market sentiments. The movement in GBP will be influenced by manufacturing data from UK which will be announced next week.
GBPINR is expected to move sideways in the coming session
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