USDINR : Fundamental View : 03.12.2019
* Indian Rupee appreciated by 0.18 percent yesterday while the Dollar index decreased by 0.42 percent during the same time frame. India’s Q2 GDP growth comes in at 4.5% against market
expectations of 4.7%. Manufacturing PMI from India came in at 51.2 for Nov’19 against market expectations of 49.8.
* On the trade war front, China held off from retaliating against the U.S. after President Trump signed a bill supporting Hong Kong’s anti-Beijing protesters, as both sides remained confident they can sign a partial trade deal in the coming weeks, officials in the U.S. and China said. Jerome Powell spoke at the “The Economic Outlook and Monetary Policy” in Zurich and addressed that the Central Bank is strongly committed towards its 2 percent inflation target. The remarks are further indication that the Central Bank is highly unlikely to cut rates anytime soon. CB Consumer Confidence Index
fell in November to 125.5, although the October number was upwardly revised to 126.1.
* USDINR is expected to depreciate in today’s session
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expectations of 4.7%. Manufacturing PMI from India came in at 51.2 for Nov’19 against market expectations of 49.8.
* On the trade war front, China held off from retaliating against the U.S. after President Trump signed a bill supporting Hong Kong’s anti-Beijing protesters, as both sides remained confident they can sign a partial trade deal in the coming weeks, officials in the U.S. and China said. Jerome Powell spoke at the “The Economic Outlook and Monetary Policy” in Zurich and addressed that the Central Bank is strongly committed towards its 2 percent inflation target. The remarks are further indication that the Central Bank is highly unlikely to cut rates anytime soon. CB Consumer Confidence Index
fell in November to 125.5, although the October number was upwardly revised to 126.1.
* USDINR is expected to depreciate in today’s session