Friday, 3 August 2018

Good Morning!

Bank of England Monetary Policy Committee voted unanimously to raise interest rates by 25 basis points to 0.75% yesterday. The Pound slipped sharply after the BOE statement “that the economic activity outlook could be influenced significantly by the response of household, Business and financial markets to developments related to the process of EU withdrawal” citing Brexit remains the biggest uncertainty lingering over the U.K economy. U.S Commerce Secretary Wilbur Ross said, “Trump believes additional tariffs are needed because China has refused to modify their behavior in response to an initial round of tariffs and other U.S economic sanctions”. His statement comes just a day after the Chinese Ministry of Commerce said “The carrot-and-stick” tactic won’t work and would not bend to U.S tariffs on Chinese imports. Asian Equities were seen trading mixed after a strong close in U.S markets. Indian Rupee is likely to open near 68.63 and is expected to trade between 68.50 – 68.85 range for the day. 

Karvy Forex.

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Volume and Open Interest suggesting an accumulation in USDINR

USDINR futures prices were seen consolidating while  volumes  and OI were seen increasing suggesting accumulation.