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1 pound to rupee
1 pound to rupee






1 pound to rupee

However, any dovish indications may weigh on USD. If the Fed takes a hawkish stance and leaves room for further tightening, the ‘Greenback’ could strengthen.

#1 POUND TO RUPEE DRIVER#

A 25bps hike is priced in, so the accompanying press conference is likely to be the main driver of movement. Wednesday evening brings the Federal Reserve’s interest rate decision. This could ding the ‘Greenback’ by pointing to economic slowdown in the sector. A slowdown is forecast, falling from 51.2 to 50.6 over April. A decrease from 9.931 million to 9.7 million is forecast, which could weigh on USD by indicating signs of slack in the labour market.įirst up on Wednesday is the ISM services PMI. On Tuesday, the JOLTs job openings figures for March are scheduled for publication. This may do little to inspire USD, as it remains in contractionary territory. April’s activity is forecast to have improved gently from 46.3 to 46.6. Then, the ISM Manufacturing PMI is due to print. Looking ahead to next week for the US Dollar, the first key data release arrives on Monday.

1 pound to rupee

Pound US Dollar (GBP/USD) Exchange Rate Forecast: US Data in Spotlight On the back of this, the ‘Greenback’ strengthened against most peers despite risk-on trade, as it showed inflation remained problematic. This printed at 4.6%, down from an upwardly revised figure of 4.7%. By cooling far more than forecast, it may have capped rises from further rate hike bets as the data pointed to sticky inflationary pressures.įriday saw the release of the latest core PCE price index data, with the yearly data being the Fed’s preferred gauge of inflation. On Thursday, the latest US GDP data brought some volatility to the ‘Greenback’. Mixed trade then struck the ‘Greenback’, as a sharp jump in durable goods orders – coming in at 3.2% - outweighed pared back bets on further hikes from the Federal Reserve as the banking turmoil continued. First Republic shares began to crater, which prompted downbeat trade. However, safe haven flows supported the US Dollar during Tuesday, as US banking anxieties resurfaced. This came as US Treasury bond yields fell sharply, dragging on USD rates. US Dollar (USD) Exchange Rates Waver amid Shifting Rate Hike BetsĪt the start of the week, the US Dollar (USD) weakened, despite a sour market mood. However, the lack of significant data kept a firm lid on any potential gains Sterling could make, but it still saw the Pound climb against the US Dollar overall. Wednesday saw additional CBI data, which pointed to a better than forecast increase in retail sales during April, which offered some cheer for GBP investors. On Tuesday, data from the Confederation of British Industry (CBI) pointed to signs that inflationary pressures were easing, which did initially dent bets on further tightening. However, a continued theme through the week, persistent bets that the Bank of England (BoE) would continue to tighten interest rates served to cushion Sterling from major losses. The bereft data calendar left GBP investors with little work with.

1 pound to rupee

The Pound (GBP) initially weakened at the start of the week’s session, due to a lack of impactful macroeconomic data releases. Pound (GBP) Exchange Rates Limited by Lack of Data The Pound US Dollar (GBP/USD) traded in wide boundaries over the week, but strengthened overall as rate hike bets on both sides of the pairing remained in flux.Īt the time of writing, GBP/USD traded at around US$1.2504, showing little movement from Friday’s opening rates.








1 pound to rupee