Indian Rupee At Record Low On Strong U.S. Data, Trade War Fears

The rupee settled at 72.45 against 71.73 at the previous close. The local unit moved in 72.07-72.6750 per dollar band intra-day.
The Indian rupee ended at a record closing-low against the dollar, posting its largest single-session fall in a month, on foreign banks’ dollar sales and a sell-off tracking upbeat U.S. jobs report and trade war fears. The currency did see some recovery from intraday lows on the basis of comments by finance ministry officials that the government is watchful of the rupee and worried about its rate.

The dollar struggled to build on its gains from last week on Monday while investors piled into riskier assets led by Scandinavian currencies, encouraged by a drop in bond yields in peripheral countries in Europe such as Italy.
The dollar rose against the safe-haven yen, with USD/JPY increasing 0.06% to 111.09. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.
The lower dollar pushed the euro and sterling higher. EUR/USD rose 0.18% to 1.1573 and GBP/USD increased 0.23% to 1.2945. as trade tensions outweighed expectations for a Federal Reserve rate hike in September.

Oil prices rose on Monday as U.S. drilling stalled and as investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November. Brent crude oil LCOc1 rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.85.
Gold fell for a second straight session on Monday as expectations of an interest rate hike by the U.S. Federal Reserve in September and fears of an escalation in U.S.-China trade tensions kept the dollar firm.

Date	Time	Currency	Event	Actual	Forecast	Previous
10-09-2018	14.00	GBP	GDP (MoM)	0.2%	0.2%	0.1%
10-09-2018	14.00	GBP	Manufacturing Production (MoM) (Jul)	0.2%	0.2%	0.4%

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