There are speculations that Trump-Kim meeting is fixed, i.e., the terms are pre agreed. On the other hand the fact that the meeting has lasted without Trump walking out indicates that Kim is compliant. Trump would want to showcase this as his biggest achievement as a world leader and therefore the announcement should be more prolific than actual agreement, perhaps therefore leading to a risk positive environment post the press conference at 1-30PM IST. We have the US CPI today at 6PM which would be significant.
USDINR 1m NDF is trading 5p right while EM currencies have mildly depreciated since yesterday. KRW is trading stronger than yesterday which should be the key indicator for the day. Equity markets continue to register mild gains indicating the global pro risk environment. Today the Indian CPI would be critical for bond yields and therefore INR going forward. Liquidity is thin because of a unavailability of reuters D2 platform for USDINR trading. CMP 67.44, 67.50-68.28.
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