UK
average earning index increased by 2.5 percent in October compared to 2.4 percent
in September
• UK
claimant count change decreased 2.4K in November compared to 13.3K in October
• US
Retail sales increased by 0.1 percent in November compared to 0.6 percent in
October
• US
PPI improved by 0.4 percent in November compared to 0.0 percent in October
• US
Federal Reserve raised rate by 25 basis points to between 0.5 percent and 0.75
percent
US DOLLAR INDEX (DX)
US
Dollar appreciated by 0.68 percent against basket of six major currencies in
yester-day’s trading session after US Federal Reserve raised rate by 25 basis
points to between 0.5 percent and 0.75 percent and signaled faster pace of
increase in 2017. Fed project-ed 3 rate hikes in 2017 from 2 as of September
policy meet. Fed Chair Janet Yellen said “The median projection for growth of
inflation adjusted gross domestic product (GDP) rises from 1.9 percent this
year to 2.1 percent in 2017 and stays close to 2 percent in 2018 and 2019
slightly above its estimated longer-run rate. The median projection for the
unemployment rate stands at 4.7 percent in the fourth quarter of this year.
Over the next three years, the median unemployment rate runs at 4.5 percent,
modestly below the median estimate of its longer-run normal rate. Median
inflation projection is 1.5 percent this year and rises to 1.9 percent next
year and 2 percent in 2018 and 2019. The median projection for the federal
funds rate rises to 1.4 percent at the end of next year, 2.1 percent at the end
of 2018, and 2.9 percent by the end of 2019”.
USD-INR:
The
Indian Rupee appreciated by 0.15 percent in yesterday’s trading session on the
back of ease in inflation. Traders speculate that contraction in IIP and ease
in inflation may provide room for RBI to cut interest rates further. However,
sharp gain was prevented on strong dollar and as investors remained cautious
ahead of US Federal Reserve policy meet. Further, rise in risk aversion in the
domestic markets and FII out-flows from local shares added downside pressure.
FII’s net sold stocks worth Rs 632.29 crores yesterday as per provisional data
from NSE. Benchmark stock index 50 shares Nifty Index fell by 0.48 percent to
8182.45 In Intraday Indian Rupee touched a high of 67.4250 and closed at
67.4350 against Dollar.
EUR-INR:
Euro
depreciated by 0.84 percent in yesterday’s trading session on the back of
strong dollar and divergence in monetary policy. US Federal Reserve raised rate
by 25 basis points in its policy meet and signaled faster pace of increase in
2017 whereas European Central Bank in its recent policy meeting reduced the
size of bond purchas-ing program but extended it longer than expected. In
intraday Euro touched a low of 1.0494 and closed at 1.0535 against Dollar.
GBP-INR:
Pound
depreciated by 0.74 percent in yesterday’s trading session on the back of
strong dollar. Further, traders remained cautious ahead of Bank of England
monetary policy meet. Divergence in monetary policy added downside pressure. US
Federal Reserve in its policy meet raised interest rate by 25 basis points
whereas; Bank of England is forecasted to continue with its loose monetary
policy. However, sharp downside was cushioned on upbeat inflation and job data.
Further, comments from Britain Brexit Minister boosted expectation that UK will
keep access to single market when it leaves EU. In intraday Pound touched a low
of 1.2527 and closed at 1.2563 against Dollar.
JPY-INR:
Japanese
Yen depreciated by 1.62 percent in yesterday’s trading session on the back of
strong dollar and divergence in monetary policy. Dollar gained strength after
US Federal Reserve raised rate by 25 basis points to between 0.5 percent and
0.75 percent and signaled faster pace of increase in 2017. However, sharp fall
in yen was prevented as demand for safe haven increased on rise in risk
aversion in the global market. In intraday Yen touched a low of 117.38 and
closed at 117.03 against Dollar.
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