Forex Market News

GBPINR Trading Range For The Day is 85.3-86.21

GBPINR trading range for the day is 85.3-86.21. GBP remained under pressure as rising political uncertainty prompted investors to cut their long positions put in place after the Bank of England signalled a potential rate hike. The BoE surprised investors when it said most of its rate-setters thought it was likely that borrowing costs would need to rise “in the coming months”. Permanent job placements in the U.K grew at the weakest pace in five months in September, the Report on Jobs showed.
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GBPINR trading range for the day is 85.61-86.82

GBPINR trading range for the day is 85.61-86.82. GBP traded in range as a survey of Britain’s dominant services sector showed growth sped up unexpectedly last month. Markets expect almost two rate increases over the next one year, a sharp turnaround from recent months. The UK services sector growth improved from an 11-month low in September, but the pace of expansion remained moderate.
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EURINR – Ways2Capital

EURINR trading range for the day is 76.46-77.49. Euro traded in range on speculation that U.S. President Donald Trump’s choice for the next Fed chair could be a less hawkish candidate than some had expected.
Euro-Zone producer price inflation higher than expected in August. Eurozone producer prices grew the most in three months in August, data from Eurostat showed.
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GBPINR Trading Range For The Day Is 86.92-87.59

GBPINR trading range for the day is 86.92-87.59. GBP dropped as investors focused on underlying weakness in economy and the governing Conservatives gathered for what could be a fraught party conference.
The Bank has come under pressure in recent weeks as doubts emerged whether the struggling economy could stomach a rate hike. British manufacturing sector growth moderated at the end of the third quarter, while price pressures built up on strong pound and higher commodity prices.
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EURINR – Ways2Capital

EURINR trading range for the day is 76.94-77.54.Euro remained under pressure after Catalan secessionist leaders in Barcelona signaled they may unilaterally declare independence within days.
Euro area’s economic recovery has been solid, broad-based and resilient, yet inflationary pressures remain subdued, ECB’s Praet said. Growth picked up in the Spanish manufacturing sector in September amid improved client demand, data from IHS Markit showed.
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Influenced By Stronger Than Expected ISM Manufacturing Data

Euro remains under pressure, as a nervous deadlock between Catalonian provincial authorities and Spanish government in light of the independence movement has raised a big question on EU’s endeavour to economically integrate the continent.
US dollar maintained strength, influenced by stronger than expected ISM manufacturing data. Rebuilding process in Texas and Florida post the hurricanes has also prompted revision in Q3 GDP forecasts. Fed Reserve Bank of Atlanta now sees Q3 GDP rising to 2.7% (q/q), up from its previous estimate of 2.3%.
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Indian Rupee Slips 37 Paise In Opening Trade

The Indian rupee plunged in the early trade on Tuesday. It has opened lower by 37 paise at 65.65 per dollar versus 65.28 Friday. Bhaskar Panda of HDFC Bank said, “The dollar got a boost from better than expected ISM manufacturing data as well as President Trump’s much awaited tax reforms to climb towards touching distance of 94 levels.”
The USD-INR pair will be under pressure today as I expect the 65.25-65.50 range to prevail.”The 10-year benchmark bond yield is expected to trade within the 6.65-6.68 percent range for today,” he added.
The dollar gained against the euro and the yen as investors took a bullish view of the US economy and as the single currency was hurt by a violence-marred independence vote in Spain’s Catalonia region.
The dollar was boosted by data showing that US factory activity surged to a more than 13-year high in September amid strong gains in new orders and raw material prices.
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