Pound has been sitting at the edge of the sword with EU and Britain deciding to extend the Brexit discussion by short term or not. The pair lost some pace after Michael Barnier reiterated that the Brexit withdrawal agreement will not be opened. Having said that, the sterling greenback pair now awaits the EU Summit where the 28 leaders are meeting at Brussels for an emergency summit dedicated to Brexit.
Earlier today as the UK market opened, the GDP numbers printed in 3 months to February growing at 0.2 percent, while yearly numbers picked up at 2.0 percent. The yearly industrial and manufacturing data also gained pace at 0.1 percent and 0.6 percent respectively while the trade balance deepened more in red at deficit of $14.11 billion. IMF’s downgrading of global growth to 3.3 percent by 20 basis points is the lowest since the 2009 financial crisis. The downside risks have been assigned to US China trade war and the ‘No-deal’ Brexit scenario. IMF cut its outlook for UK growth to 1.2 percent this year, down 0.3 point from January.
FOMC minutes are due later tonight to give further direction though the next round of interest rate decisions are due only on May 1 from FOMC and BoE on May 2.
Technically, the pair is making higher lows and lower highs - forming a kind of Symmetrical Triangle, as shown with blue and green trend lines. The range is getting narrowed from both the ends while the pair is currently trading close to the apex of triangle - further clarification over the future direction will depend upon either side breakout of triangle. The price action is currently trading around the 38.2 % Fibonacci retracement level at 1.3080, while momentum indicator RSI (14 day) is neutral at 47 mark.
20 Sep 2019 09:14 AM
USD/INR – The Indian rupee opened little changed against the dollar as investors focus on choppy crude oil prices and the Chinese yuan. The rupee opened at 71.20 compared with its the previous close of 71.3175. Brent crude ticked higher in Asia tradi
19 Sep 2019 06:48 PM
The Indian rupee fell against the dollar following an uptick in crude oil prices amid reports that Saudi Arabia had sought crude supply from
19 Sep 2019 01:48 PM
The Indian rupee edged higher against the dollar in choppy afternoon trade, on greenback sales by foreign banks, likely for corporate clients. However, weakness in local shares kept gains under check.
19 Sep 2019 09:22 AM
USD/INR – The Indian rupee opened lower against the dollar after the Federal Reserve cut rates once again but cast doubts on further easing. The rupee opened at 71.35 compared with its previous close of 71.23. Asian currencies were broadly lower on T
18 Sep 2019 05:34 PM
The Indian rupee logged its biggest single-session rise in six months against the dollar, helped by a retreat in crude oil prices following
18 Sep 2019 02:01 PM
The Indian rupee extended gains against the dollar in afternoon trade, on greenback sales by foreign banks and a retreat in crude oil prices.