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Published on 20/09/2019 10:15:33 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 20 Sept 2019 - INR, EUR, GBP by Angel Broking

Posted in Currency Report| #Currency Tips #Angel Broking Pvt Ltd

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FUNDAMENTAL OUTLOOK

Key Highlights

*  US China trade tension eases off

*  BOE keeps interest rates unchanged at 0.75%

*  US FED cuts rates by 25 bps

 

Indian rupee

Indian Rupee depreciated by 0.34 percent yesterday while the Dollar decreased by 0.29 percent during the same time frame. WPI inflation from India came in at 1.08 percent in Aug’19 against 1.08 percent for July’19. IIP rose to 4.3 percent in July’19.

US Fed cuts interest rates by 25 bps to range of 1.75 to 2 percent. The rate cut came in amid a weakened domestic business investment scenario and slower than expected exports. Federal Reserve cuts key policy rate for second time this year, with promise to 'act as appropriate' to sustain expansion. Saudi Arabian oil facilities got attacked by drones affecting 50 percent of Saudi’s oil supplies. However, Saudi Minister commented that they are able to restore the damages and the supply would be resumed soon. Meanwhile, industrial production data from US came in at 0.6 percent for Aug’19 against market expectations of 0.2 percent. US China trade talks resumed in Washington after Chinese officials arrived in US.

USDINR is expected to move sideways in today’s session.

 

Euro

EURUSD appreciated by 0.1 percent yesterday while EURINR depreciated by 0.17 percent the same time frame.

German economic sentiment for Aug’19 came in at –22.5 against market expectations of -38. CPI from Euro zone came in line with market expectations at 1 percent for Aug’19. Current account data from Euro zone came in at 20.5 B Euro against market expectations of 20.3B Euro.

EURINR is expected to appreciate in today’s session.

 

GBP

GBP increased against USD by 0.45 percent yesterday while GBPINR depreciated by 0.77 percent.

GDP data from UK came in at 0.3 percent against market expectations of 0.1 percent. Manufacturing production data came in at 0.3 percent for Aug’19 against market expectations of -0.3 percent. Meanwhile, pound soared when EU’s Jean-Claude Junker commented that a Brexit deal is possible between UK and EU without the Irish back stop as well if both parties agree on it.

GBPINR is expected to depreciate in today’s session.

 

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