Yesterday, Indian Rupee appreciated by 0.1 percent despite dollar index strengthening by 0.41 percent during the same time frame on account of sustained dollar selling by corporates and exporters. Asian currencies were trading mixed on speculation the Bank of Japan may alter its policy. So far this year rupee has depreciated by nearly 7.4 percent while foreign institutional investors have sold $919.1 million in equity and $6.07 billion in debt.
Donald Trump criticized US FED policy of continuously increasing interest rates. He iterated that increasing interest rates would hurt the US economy in the long run that the country might lose its competitive edge. Meanwhile, manufacturing PMI data from US came in at 55.5 for June’18 against market expectations of 55.1. Services PMI from US came in line with market expectations at 56.2 for June’18. However, new home sales data from US came in 631,000 against market expectations of 669,000 for June’18. Core durables goods orders came in line with market expectations at 0.4% for June’18.
USIDNR is expected to appreciate in today’s session.
EURUSD depreciated by 0.74 percent yesterday while EURINR appreciated by 0.16 percent during the same time frame.
Manufacturing PMI from Euro zone came in at 55.1 for June’18 against market expectations of 54.7. Also, trade talks between EU head Jean-Claude Juncker and Donald Trump went well and have likely averted a trade war scenario between the two parties. In yesterday’s ECB meeting Mario Draghi reiterated that ECB will end its bond purchase program by end of the year and interest rates likely to remain at same levels till summer of 2019.
EURINR is expected to trade sideways in today’s session.
GBPUSD depreciated by 0.61 percent while GBPINR appreciated by 0.71 percent.
In a written statement to the Parliament, Prime Minister Theresa May assured them that she was going to lead the negotiations with EU leader and get UK the desired outcome from the Brexit deal. Meanwhile, Prime Minister to hold Brexit talks with the Austrian Chancellor in Austria on 27Th July 2018.
GBPINR is expected to appreciate in today’s session.
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