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* ECB meeting to pave way for Euro
* Rate cut possibilities by US FED increases
* Hard Brexit Uncertainties increases
Indian Rupee depreciated by 0.1 percent yesterday while the Dollar increased by 0.11 during the same time frame. Meanwhile, Trade deficit narrowed to $15.28 billion in June from $16.6 billion in the same month last year.
GDP data from China came in line with market expectations at 6.2 percent for second quarter. Retail sales data from US came in at 0.4 percent for June’19 against market expectations of 0.1 percent. Building permits data from US came in at 1.22M against market expectations of 1.3M for June’19. Meanwhile, Federal Reserve Chair Jerome Powell reiterated a pledge to “act as appropriate” to keep the U.S. economy humming in his speech. A likely rate cut by US FED in the meeting later during the month.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.1 percent yesterday while EURINR appreciated by 0.11 percent the same time frame.
The EU released an update on inflation with June CPI in the Union up by 0.2% MoM and by 1.3% YoY, surpassing the market’s expectations. The core readings also ticked higher but held anyway below the ECB’s target. Meanwhile, German economic sentiment data came in at -24.5 against market expectations of –22.1 for June’19.
EURINR is expected to appreciate in today’s session.
GBP decreased against USD by 0.21 percent yesterday while GBPINR appreciated by 0.11 percent.
The UK Finance Minister, Philip Hammond, has said he will resign if Boris Johnson wins the race toward Downing Street, something that will be defined tomorrow. Johnson’s victory will likely fuel Brexitrelated uncertainty, therefore play against the Pound. Meanwhile, the Sterling came under selling pressure following news indicating that Sir Alan Duncan has resigned as foreign minister, in the middle of a conflict with Iran, after the country seized a UK oil tanker last Friday. Also,
GBPINR is expected to appreciate in today’s session.
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