-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessRupee Not Enjoying USD Sell-Off, Services PMI To Print
Spot USD/INR is drifting higher in early trade today (after onshore markets were shut yesterday). We remain well within recent ranges at 81.60/65, but the rupee is not enjoying the benefits of a weaker USD seen elsewhere in the region. Coming up soon is the services (last 57.2) and composite (58.2) PMI readings for September.
- The recovery in crude prices is likely weighing on INR sentiment, at least on a relative value basis. The chart below plots the 1 month change in the J.P. Morgan INR NEER, which is inverted on the chart, against the 1 month change in the Bloomberg spot energy commodity price index.
- INR is the only EM Asia FX currency not to gain against the USD so far in October. In September it was the best performer, albeit still dropping 2.2% against the USD.
- Elsewhere, onshore yields are up, the 10yr pushing back to 7.46%, +10bps, as potential index inclusion has been put off to 2023. Local equities are higher though, +0.60% at this stage.
Fig 1: Energy Commodity Prices & J.P. Morgan NEER
Source: J.P. Morgan/MNI - Market News/Bloomberg
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.