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Market Analysis: Focus will be on the Bank of England MPC meeting

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Levels across currencies are pretty much unchanged overnight. Focus today will be on the Bank of England policy. While it is expected to leave rates unchanged, it is likely to increase asset purchases by GBP 100-150bn.

EIA crude inventory data yesterday indicated a build-up of 1.2mn barrels in inventory. Crude prices are a tad lower. US weekly jobless claims data is due today (exp 1.3 mn).

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The rupee is likely to open around 76.20 and trade 75.95-76.40 range. We have seen nationalized banks likely offering USD on behalf of the RBI close to 76.40 levels.

The RBI is likely to continue smoothening volatility if Rupee moves out of whack. With REER at around 111.50, the Rupee does not seem to be overvalued any more in relative terms.

Asian currencies are trading stronger against the USD. Thai Baht and Korean Won are among the best performers. The Nifty has opened flat and is likely to trade with a negative bias.

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Abhishek Goenka
Abhishek Goenkahttp://ifaglobal.net
Abhishek Goenka, Founder & CEO, IFA Global.
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