* US FED cuts its policy rate by 25bps
* UK to hold general elections in Dec’19
* US China likely to sign trade deal in Nov’19
Indian Rupee depreciated by 0.04 percent yesterday while the Dollar index increased by 0.27 percent during the same time frame. The core sector output for the month of September contracted massively by 5.2 per cent from the 0.5 per cent contraction seen in August. Meanwhile, foreign investors have bought nearly $10.22 billion in Indian equities and $4.69 billion in debt.
US FED cuts interest rates by 25 bps to 1.5-1.75 percent but hints at a pause in the easing cycle. The Fed's description of the U.S. economy in its latest meeting remained largely unchanged, with labour markets said to be strong and economic activity "rising at a moderate rate." US Commerce Secretary Wilbur Ross said he was optimistic an initial trade deal would be signed with China this month. The trade deal had to be originally signed in Chile in the APEC summit which got cancelled.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.35 percent yesterday while EURINR depreciated by 0.13 percent the same time frame.
German economic sentiment came in at -22.8 for Sep’19 against market expectations of -27. CPI data from EU came in line with market expectations at 0.7 percent for Oct’19. EU GDP data came in at 0.2 percent against market expectations of 0.1 percent.
EURINR is expected to appreciate in today’s session.
GBP decreased against USD by 0.4 percent yesterday while GBPINR appreciated by 0.36 percent.
Prime Minister Boris Johnson and his main rival, Labour Leader Jeremy Corbyn, traded blows over Brexit as the U.K goes for snap elections on 12th Dec’19. Johnson wrote an open letter to Corbyn asking him to clarify his strategy for the divorce while the Labour leader accused the prime minister of “hijacking” Brexit to pursue an agenda of cutting workers’ rights and increasing the role of U.S companies in the National Health Service.
GBPINR is expected to appreciate in today’s session.
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