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RBI under pressure to cut rates – MP

FXStreet (Barcelona) - Stuart McPhee, Currency Analyst at MarketPulse, notes that the Reserve Bank of India is being pressurized to lower the borrowing costs as growth slipped from 5.7% to 5% in September.

Key Quotes

“India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates.”

“Six months after Prime Minister Narendra Modi swept to power with a promise that “better days are coming”, growth of 5 percent would mark a serious setback from the previous quarter and fall far short of the 8 percent that Asia’s third-largest economy needs to create enough jobs for its growing workforce.”

GBP/USD consolidating – Commerzbank

According to Karen Jones, Head of Technical Analysis at Commerzbank, the GBP/USD pair is sidelined above 1.5592 pair since last week, and needs to over the resistance at 1.5735/37 to see a move upwards.
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USD/JPY faltering ahead of the 1.618 fibonacci extension – Commerzbank

Karen Jones, Head of Technical Analysis at Commerzbank sees no change in the USD/JPY as the market appears to be faltering just ahead of the 119.40/88 highs.
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