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Sterling Pound is expected to trade higher

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The US Dollar Index traded lower by 0.22 percent yesterday. Reason behind the weakness could be attributed to the disappointing release of economic datasets from the nation along with the rising fears of US Presidential Elections. Non- Manufacturing PMI plunged to 54.8 levels from 57.1 in Oct’16. Unemployment Claims rose to 265K from 258K for week ending 28th Oct’16. Factory Orders and Prelim Unit Labor Costs declined by 0.3 percent in Oct’16.

The Indian Rupee depreciated by 0.14 percent yesterday owing to persistent buying of the greenback by importers and banks. Sensex and Nifty ended in red tracking losses in Asian, American and European markets as investors remain cautious ahead of the US Presidential Elections. Sentiment remained downbeat due to sustained selling by foreign funds and retail investors on the domestic bourses which affected the INR.
For the month of November 2016, FII outflows in equities totaled at Rs. 963.68 crores ($144.17 million) as on 2nd November’16.

EURO (EURUSD) Euro currency traded higher by 0.08 percent yesterday owing to the robust release of economic datasets from the Euro area has infused positive sentiments in the markets thereby boosting the demand for the shared currency. Health of the Spanish manufacturing sector improved at a stronger rate during October’16 amid faster rises in output and new orders. Moreover, there has been modest growth in economy of the 19-country Eurozone in the third quarter despite BREXIT concerns. 

Pooja Pariya

Pooja Pariya

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