* EU to provide extension of Brexit deadline
* UK to hold general elections in Dec’19
* ECB policy meeting turns out a non-event
Indian Rupee depreciated by 0.2 percent yesterday while the Dollar index decreased by 0.08 percent during the same time frame.
An interim trade agreement between the United States and China might not be completed in time for signing in Chile next month as expected but that does not mean the trade deal is falling apart, a U.S. administration official said on Tuesday. U.S. and Chinese negotiators are working to complete a text for the agreements for U.S. President Donald Trump and Chinese President Xi Jinping to sign at an Asia-Pacific Economic Cooperation summit in Chile Nov. 16-17. Meanwhile, US FED will be holding their monetary policy meeting today and the committee is likely to cut interest rates by 25 bps. CME FED watch tool is pricing in a rate cut of 25 bps with a 98.53 percent probability. Consumer confidence data from US came in at 125.9 for Oct’19 against market expectations of 128.2.
USDINR is expected to appreciate in today’s session.
EURUSD appreciated by 0.11 percent yesterday while EURINR depreciated by 0.34 percent the same time frame.
The ECB had a monetary policy meeting and as expected, it was a non-event. No changes were announced to the current easing path and President Draghi’s message was quite the usual on risk, growth, and inflation. German economic sentiment came in at -22.8 for Sep’19 against market expectations of -27.
EURINR is expected to move sideways in today’s session.
GBP increased against USD by 0.02 percent yesterday while GBPINR depreciated by 0.22 percent.
The United Kingdom will now try to break the Brexit deadlock with a general election. A day after Brexit was delayed a third time, the UK Parliament voted on Tuesday to hold an election on December 12 a little more than a month before the new Brexit deadline of January 31, 2020. Meanwhile, opposition leader Jeremy Corbyn who had rejected a call for an early election all the time agreed this time after EU decided to extend the Brexit deadline.
GBPINR is expected to move sideways in today’s session.
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