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Forex Market News Update-02 March 2016

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The Indian Rupee appreciated by 0.83 percent in yesterday’s trading session as the foreign banks and exporters were seen selling dollars. Further, FII inflows into local share on optimism of growth after budget supported Rupee. FII’s net bought stocks worth Rs 29.12 billion yesterday as per provisional data from NSE. Market expects RBI to cut rates as government signaled fiscal consolidation in budget. 

Euro depreciated by 0.15 percent in yesterday’s trading session on the back of strong dollar and weak economic data from Euro Zone. Spanish Manufacturing PMI declined to 54.1 in February from 55.4 in January. Unsatisfactory economic data from Europe fueled the expectation of more monetary easing by European Central Bank in its upcoming meet to revive economic growth. Market participants expect hawkish tone from U.S Federal Reserve in FOMC meeting after strong economic data. Further, investors worry that Britain exit from EU may cause uncertainty for the Euro Zone economy and volatility in the markets. 

Pound appreciated by 0.20 percent in yesterday’s trading session but pared gains after weak economic data from UK. UK Manufacturing data showed that the activity in the sector slowdown. UK manufacturing PMI tumbles to 34 month low to 50.8 in February from 52.9 in January. Pound remained near 7 years low on the worries over Britain exit from EU. Bank of England Gov Mark Carney said bank would not hesitate to lower interest rates if economy requires it. 

Japanese Yen depreciated by 1.45 percent in yesterday’s trading session as the demand for safe haven declined on the back of rise in risk appetite in the global markets. Further, strong dollar after upbeat economic data from U.S and divergence in monetary policy added downside pressure. However, sharp fall was prevented as In G20 meet Finance ministers from world biggest economies dint provide any coordinated stimulus plans. In intraday Yen touched a low of 114.1840 and closed at 114.0580 against Dollar.

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Pooja Pariya

Pooja Pariya

1 comment:

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