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Published on 17/05/2019 10:45:29 AM | Source: Angel Broking Pvt Ltd

Fundamental Outlook 17 May 2019 - INR, EUR, GBP by Angel Broking Pvt Ltd

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

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FUNDAMENTAL OUTLOOK

 Indian rupee

Indian Rupee appreciated by 0.16 percent yesterday while the Dollar Index increased by 0.29 percent. Stronger than expected Economic data by US pushed the U.S. Dollar higher. U.S. housing data unexpectedly increased in April 2019. Moreover, the unemployment benefits declined last week signalling towards a stronger labour market which pushed the U.S. Dollar higher against the basket of currencies.

 Rising crude prices might pressurize the INR as it might widen the country’s current account deficit. CPI from India came in at 2.92 percent for Apr’19 against market expectations of 2.7 percent. Also, services PMI from India came in at 51 for Mar’19 against market expectations of 52.5.

Trade tension between US and China further escalated after US blacklisted China’s telecom giant, Huawei.

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

 

Euro

EURUSD depreciated by 0.25 percent yesterday while EURINR appreciated by 0.33 percent the same time frame. Escalating trade tension has inserted downside pressure on the global economic growth. Slowdown is also witnessed in the Eurozone and Italy stated the ECB governing council member, Ignazio Visco which has weighed on their currency.

EURINR is expected appreciate in today’s session.

 

GBP

GBP decreased against USD by 0.41 percent yesterday while GBPINR appreciated by 0.57 percent. In the UK, cross-party talks between the government and opposition Labour continued, although the lack of progress persists, denting further demand for Sterling. Situation further deteriorated after UK’s opposition’s Brexit spokesperson stated that the labor party will vote against withdrawal of the bill is no deal is struck. Even after getting rejected thrice, UK’s government now plans to appeal for the fourth time in early June, 2019.

GBPINR is expected to appreciate in today’s session.

 


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