USD/INR little changed ahead of US retail sales data

16 July 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 68.56 pair now at 68.56 against 68.5350 previous close.
• Pair to tip in 68.40-68.65 range today.
• Dollar/rupee opened little changed Tuesday tracking steady crude oil prices and little changed dollar ahead of the release of US retail sales data due later today. Next trigger is the retail sales data. There are no major triggers in the market right now and both dollar and crude are trading around the same zone for few days. The dollar traded slightly higher against its major counterparts ahead of the US retail sales data release due on Tuesday, which is expected to have gained 0.1% in June.

Global Currency

• The dollar was a touch lower against the euro and yuan to start the week in Europe, after slightly better-than-expected economic data out of China eased concerns a little over the global economic slowdown. Gross domestic product was up only 6.2% from the second quarter last year, down from a rate of 6.4% in the first quarter.
• The pound struggled near a six-month low against the dollar on Tuesday, hampered by persistent worries over Brexit that, in turn, weighed on the euro. The dollar fought for traction against the yen as the prospect of a Federal Reserve interest rate cut later in the month continued to keep the greenback on the defensive.

Global Markets

• Gold prices held steady on Tuesday as investors awaited U.S. retail sales data that could serve as an indicator of the strength of the world's largest economy amid lingering concerns over global economic slowdown.
• Oil prices fell for a second day on Tuesday as more production facilities returned to operation in the U.S. Gulf after Hurricane Barry swept through over the weekend, while Chinese economic data dimmed the outlook for crude demand.

Global Markets at one Glance

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