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* US FED keeps interest rates unchanged at 1.5-1.75%
* Tariff hikes likely to get delayed
Indian Rupee appreciated by 0.2 percent yesterday while the Dollar index increased by 0.33 percent during the same time frame.
On the trade war front, President Donald Trump tweeted that the United States was close to a deal ahead of Sunday, when a new round of tariffs on Chinese goods has been set to go into effect. Later in the day, reports emerged that the two countries had reached a deal in principle. The US FED, announced its latest monetary policy decision, and as expected, policymakers kept rates on hold. The FOMC funds rate was left at 1.50%-1.75. The accompanying statement showed that policymakers would continue to monitor data for the economic outlook “including global developments and muted inflation pressures.”
USDINR is expected to move sideways in today’s session.
EURUSD remained flat yesterday while EURINR depreciated by 0.03 percent the same time frame.
ECB kept its rates unchanged on Thursday following new President Christine Lagarde’s first monetary policy meeting. The ECB’s statement reiterated that rates will stay at the current level or lower until the central bank has seen the inflation outlook “robustly converge” to a level close to but below 0.2% and that underlying inflation has remained consistently convergent with that level. It also confirmed that net asset purchases of monthly 20 billion euros that this will continue to run “as long as necessary” to reinforce the accommodative policy stance.
EURINR is expected to move sideways in today’s session.
GBP decreased against USD by 0.23 percent yesterday while GBPINR appreciated by 0.43 percent.
UK braces for critical election called to break Brexit deadlock today. According to current status of the vote counts Boris Johnson is in the lead. Boris Johnson has promised a right-wing Conservative government would "get Brexit done" and take the UK out of the EU by the end of January 2020 with his withdrawal agreement.
GBPINR is expected to depreciate in today’s session.
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