USD/INR opens down tracking a weak dlr

9 September 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 71.69 pair now at 71.68 against 71.72 previous close.
• Pair to tip in 71.45-71.80 range today.
• Dollar/rupee opened down Monday as the dollar weakened on speculation of a Fed Reserve rate cut in its upcoming policy after a mixed jobs data release on Friday. Dollar is weak after the mixed non-farm jobs data which increased likeliness of a Fed rate cut in its September policy. According to the US Labour Department, total non-farm payroll employment stood at 130K in August, falling from 159K in July, while unemployment rate remained unchanged at 3.7%, data showed on Friday.

Global Currency

• The euro was on the back foot on Monday ahead of a European Central Bank meeting later this week at which policymakers are expected to deliver new stimulus to bolster a flagging regional economy. dollar was confined to a narrow range versus the yen as traders weighed the prospect of U.S. interest rate cuts against their demand for safe-haven assets.
• Heightened expectations for an ECB easing come as other global central banks move to loosen the monetary spigot with the People's Bank of China on Friday taking steps to boost lending. to the calls for central bank easing are signs the global economy is struggling with China's exports unexpectedly falling in August, data released on Sunday showed.

Global Markets

• Oil rose on Monday after a Saudi official said there would be no change in Saudi Arabia's OPEC policy as Prince Abdulaziz bin Salman was made the new energy minister for the world's biggest crude exporter over the weekend.
• Gold prices edged higher on Monday, after falling nearly 1% in the previous session, on expectations of monetary policy easing by the world's major economies amid soft economic data.

Global Markets at one Glance

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