Breaking News

Forex Market News Update-18 May 2016

Forex Tips

The Indian Rupee depreciated by 0.11 percent in yesterday’s trading session on the back of strong dollar and weak macro economic data. Investors remained cautious ahead of FOMC meeting minutes to get further cues. Demand for dollar increased from oil importers. Further, concern over delay in monsoon and rise in CPI data dampen the expectation of rate cut by RBI.

Euro depreciated marginally by 0.04 percent in yesterday’s trading session on the back of divergence in monetary policy. Upbeat economic data from U.S sparked the expectation of early rate hike by U.S Federal Reserve. Further, Fed officials Atlanta Fed president Dennis Lockhart and San Francisco Fed president John Williams signaled two to three rate hikes in this year. In intraday Euro touched a low of 1.1300 and closed at 1.1311 against Dollar.

Pound appreciated by 0.45 percent in yesterday’s trading session as polls showed that “in” camp ahead. However, sharp gain was capped after lower than expected inflation data sparked the expectation that the interest rates will remain lower. International Monetary Fund warned of risk if Britain exits EU. Bank of England governor Carney warned “Britain Referendum on EU membership was the elephant in the room” signaling risk to banks growth and inflation forecast. 

Japanese Yen depreciated by 0.10 percent in yesterday’s trading session as rise in risk appetite in the domestic markets eased demand for safe haven. Further, Japan’s officials said Tokyo was ready to intervene in the currency market if needed. In intraday Yen touched a low of 109.64 and closed at 109.12 against Dollar.

Pooja Pariya

Pooja Pariya

1 comment:

  1. This post conveys useful updates on different currencies. I explored interesting facts here. Get best forex tips by joining epic research.They offer two days free trial.


Powered by Blogger.