Yesterday rupee appreciated by 0.21 percent as dollar index weakened by 0.22 percent. India’s IIP rose to 7.5% in Jan’18 from 7.1% in the previous month. Also, CPI inflation eased to 4.44 % in Feb’18 from 5.1% in Jan’18. PMI for India came down to 47.8 in Feb’18 as compared to 52.5 in Jan’18. Also, Indian equity market remained positive with a surge of 1.87 percent in the nifty index during the day.
The US dollar remained negative during the day amid ongoing tariff debate in US. However, US President decided to exempt Canada and Mexico from the tariffs and mentioned that other countries can too apply for exemption but the chances of exemptions to be accepted are very less. Also, non-manufacturing PMI came in at 59.5 against market expectations of 58.9 in Feb’18. Non-farm payrolls came in at 313,000 for Feb’18 against market expectations of 205,000. Also, unemployment rate came in at 4.1% for Feb’18 against market expectations of 4%.
USDINR is expected to appreciate in today’s session.
EURUSD appreciated by 0.22 percent while EURINR depreciated by 0.07 percent during the same time frame.
In the latest ECB meeting the committee decided to keep the rates unchanged but they dropped their easing bias fuelling expectation of a normalisation in the monetary policy. Euro zone Q4 2017 GDP came in line with market expectations at 0.6%. Chancellor Angela Merkel and her partners met to formally sign the grand coalition deal on Monday but admitted it was a political necessity.
EURINR is expected to trade sideways in today’s session.
GBP appreciated against the US dollar by 0.42 percent while GBPINR depreciated by 0.2 percent during the same time frame.
Halifax HPI came in line with market expectations at 0.4% in Feb’18. Also, in an EU report they dismissed Theresa May’s Brexit speech explaining that it did not provide any sensible solutions for ongoing trade issues. Also, Bank of England to set up public panels to get understanding on the economy as mentioned by MPC member Andy Haldane. Manufacturing production data came in at 0.1% for Feb’18 against market expectations of 0.2%.
GBPINR is expected to trade sideways in today’s session.
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