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* Indian rupee
Indian Rupee appreciated by 0.6 percent last week while the Dollar Index increased by 0.8 percent. RBI decided to cut the repo rate by 25bps in the monetary policy meeting held on 7Th Feb’19. The MPC also changed its stance to neutral from calibrated tightening. The current repo rate stands at 6.25 percent. India’s GDP for 2017-18 came in at 7.2 percent against market expectations of 7.5 percent.
Factory orders from US came in at -0.6 percent against market expectations of 0.3 percent for Jan’19. Last week, Donald Trump had his second formal state of the union address as the president to try and find a possible solution to avert a possible shutdown on 15th Feb. Meanwhile, US unemployment claims for the week came in at 234,000 against market expectations of 220,000. Meanwhile, U.S. Treasury Secretary Steven Mnuchin said on Wednesday that he and other U.S. officials will travel to Beijing next week for trade talks.
USDINR is expected to move appreciate in today’s session.
EURUSD depreciated by 0.87 percent last week while EURINR appreciated by 1.5 percent the same time frame.
PPI from Euro zone came in at - 0.8 percent against market expectations of -0.7 percent for Jan’19. Services PMI from Eurozone came in at 51.2 against market expectations of 50.8 for Jan’19. Also, factory orders from Germany came in at -1.6 percent against market expectations of 0.3 percent for Jan’19. In line with other negative data sets, German industrial production data also came in at -0.4 percent against market expectations of 0.8 percent.
EURINR is expected to appreciate in today’s session.
GBP fell against USD by 0.71 percent last week while GBPINR appreciated by 1.3 percent.
Services PMI from UK came in at 50.1 against market expectations of 51.1 for Jan’19. Construction PMI from UK came in at 50.6 against market expectations of 52.6 for Jan’19. Meanwhile, in yesterday’s BOC monetary policy meeting the committee decided to keep interest rates unchanged at 0.75 percent unanimously. However, they downgraded the year’s growth forecast to 1.2 percent from 1.7 percent as a result of mounting Brexit uncertainty.
GBPINR is expected to move sideways in today’s session.
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