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USD/INR opened lower on weak dlr after Fed Powell's dovish comments

11 July 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 68.30 pair now at 68.32 against 68.5650 previous close.
  • Pair to tip in 68.20-68.50 range today.
  • Dollar/rupee open lower Thursday tracking a weak dollar after Fed Chair Powell reinforced prospects of a US interest rate cut later this month. After Fed Powell's dovish comments, dollar weakened. Spot may open lower. Fed Powell confirmed that the US economy is still under threat from disappointing factory activity, tame inflation and a simmering trade war. Powell said the central bank stands ready to act as appropriate. The spot pair may open around Rs 68.32-68.39/$1 Thursday compared to Rs 68.56/$1 at previous close.

Global Currency

  • The dollar was soft on Thursday after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month, vowing to "act as appropriate" to ensure the world's biggest economy will be able to sustain a decade-long expansion.
  • Powell pointed to broad global weakness that was clouding the U.S. economic outlook amid uncertainty about the fallout from the Trump administration's trade conflict with China and other nations. to a generally dovish tone in his testimony, the minutes from the Fed's previous policy meeting showed many policy makers thought more stimulus would be needed soon, reviving speculation of an aggressive rate cut.

Global Markets

  • Gold prices rose to their highest in over a week on Thursday as the dollar pulled back from multi-week highs after comments from Federal Reserve Chairman Jerome Powell bolstered expectations for an interest rate cut later this month.
  • U.S. oil futures hit their highest in over a month on Thursday as a potential hurricane threatened crude output in the Gulf of Mexico and as an incident involving a British tanker in the Middle East highlighted ongoing tensions there.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 68.3125 68.3225 -0.13
EUR/USD 1.12759 77.03 0.02
GBP/USD 1.2533 85.62 0.10
USD/JPY 107.933 0.63 0.3
SEK/INR 9.3984 7.2685 0.0084
DKK/INR 6.0980 11.2025 0.0325
AUD/USD 1.4334 47.65 0.05
1M 2.34763 -0.41543  
3M 2.50450 -0.35929  
6M 2.52088 -0.31129  
1Y 2.60925 -0.22029  
Index Today % Change
NIFTY 11531.00 +0.28
SENSEX 38668.40 +0.29
BANK NIFTY 30616.50 +0.33
SGX NIFTY 11541.00 +0.42
NIKKEI 21632.50 +0.46
HANG SENG 28539.50 +1.19
SHANGHAI 2924.85 +0.33
ASX200 6719.50 +0.44
DOW JONES 26930.60 +0.26
S&P500 # 2993.70 +0.45
NASDAQ # 8202.53 +0.75
Key Events of the Day
Date Time Currency Event Forecast Previous
11-Jul-2019 18.00 USD Core CPI (MoM) (Jun) 0.2% 0.1%

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