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* RBI keeps repo rate unchanged at 5.15%
* Trumps comments positivity on trade deal
Indian Rupee appreciated by 0.23 percent yesterday while the Dollar index decreased by 0.24 percent during the same time frame. RBI kept the key policy rate unchanged at 5.15 per cent and decided to continue with its accommodative stance to support the economy.
Non-manufacturing PMI from US came in at 53.9 against market expectations of 54.5 for Nov’19. Services PMI from US came in line with market expectations at 51.6 for Nov’19. On the trade war front, U.S. and Chinese trade negotiators are laying the groundwork for a delay of a fresh round of tariffs set to kick in on Dec. 15, officials on both sides said, as they haggle over how to get Beijing to commit to massive purchases of U.S. farm products on which President Trump is insisting for a near-term deal. US FED will be holding their monetary policy meeting on 12th Dec’19.
USDINR is expected to move sideways in today’s session.
EURUSD appreciated by 0.27 percent yesterday while EURINR appreciated by 0.04 percent the same time frame.
ECB will continue to hold its stance of an accommodative monetary policy which has been a key driver for demand recovery. ECB will be holding their monetary policy meeting on 12th Dec’19. Meanwhile, the shared currency got a modest boost from the German ZEW survey, which beat expectations, as the country’s Economic Sentiment jumped to 10.7 in December, while for the whole Union was up to 11.2, both largely surpassing the market’s expectations.
EURINR is expected to appreciate in today’s session.
GBP increased against USD by 0.08 percent yesterday while GBPINR appreciated by 0.14 percent.
According to the latest polls, Conservatives’ seems to be at and advantage and PM Johnson is ready to get his Brexit deal through the Parliament. Johnson has promised he will pass his deal within 100 days if he wins the election. He also pledged to deliver a budget within the same period. The result of UK elections will be announced on 12th Dec’19.
GBPINR is expected to appreciate in today’s session.
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