USDINR : Fundamental View : 05.12.2019
* Indian Rupee appreciated by 0.36 percent yesterday while the Dollar index decreased by 0.09 percent during the same time frame. Manufacturing PMI from India came in at 51.2 for Nov’19 against market expectations of 49.8. RBI will be holding their monetary policy meeting today and the market is expecting a 25bps rate cut.
* On the trade war front, U.S. President Donald Trump said on Wednesday that trade talks with China were going “very well,” sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 U.S. presidential election. Meanwhile, ADP non-farm payroll data from US came in at 67000 against market expectations of 137000 for Nov’19. Nonmanufacturing PMI from US came in at 53.9 against market expectations of 54.5 for Nov’19. Services PMI from US came in line with market expectations at 51.6 for Nov’19.
* USDINR is expected to move sideways in today’s session.
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* On the trade war front, U.S. President Donald Trump said on Wednesday that trade talks with China were going “very well,” sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 U.S. presidential election. Meanwhile, ADP non-farm payroll data from US came in at 67000 against market expectations of 137000 for Nov’19. Nonmanufacturing PMI from US came in at 53.9 against market expectations of 54.5 for Nov’19. Services PMI from US came in line with market expectations at 51.6 for Nov’19.
* USDINR is expected to move sideways in today’s session.