Yesterday, Indian Rupee appreciated by 0.31 percent despite dollar index strengthening by 0.09 percent. However, in the recently announced data CPI from India spiked to a 5 month high of 5 percent in June’18 and IIP in May’18 increased by 3.2% against 4.9 percent in Apr’18.. So far this year rupee has depreciated by nearly 7.2 percent while foreign institutional investors have sold $827.9 million in equity and $6.23 billion in debt. C
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. 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. Meanwhile, US PPI came in at 0.3% for June’18 against market expectations of 0.2%. US CPI came in at 0.1 percent in June’18 against market expectations of 0.2 percent.
USIDNR is expected to appreciate in today’s session.
EURUSD remained flat while EURINR appreciated by 0.75 percent during the same time frame.
German factory orders came in at 2.6% for June’18 against market expectations of 1.1%. However, in the recently announced ECB meeting minutes the central bank sees interest rates at record for as long it is needed in order to give sufficient boost to inflation. They are also expecting a continued slowdown in growth in Q2 which was seen in Q1 as well. 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 remained flat while GBPINR appreciated by 0.3 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, US Trump arrived in UK in order to meet Prime Minister Theresa May and in a speech he backed the resignation of Boris Johnson and mentioned that a soft Brexit eyed by Theresa May would likely kill chances of a trade deal with US.
GBPINR is expected to appreciate in today’s session.
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