10:26 am Dollar strength likely?:
Johanna Chua of Citi says investors are likely to persist with long USD strategies against emerging market currencies, reloading these trades in the instances where they prematurely took profits, and joining the consensus where they were previously skeptical or were merely waiting for better entry levels.
Although there remains considerable uncertainty about President-elect Trump's tax and trade policies, investors are likely to take comfort in the belief that that the majority of likely scenarios offer continued support to the dollar, he feels.
10:15 am Nomura on demonetisation:
Even as the demonetisation drive is likely to cause short-term disruptions in the economy, the move is part of a foundation being laid out for more stable growth, Japanese brokerage Nomura has said.
Estimating growth to largely remain unchanged for the next 12 months, the Japanese financial services major said the GDP would stand at 7.1 percent in 2016 as well as 2017 and would pick up to 7.7 percent in 2018. The GDP stood at 7.2 percent in 2015.
"Bottom line for India in our view is that there will be short-term growth disruptions (due to currency replacement scheme). However, we think a foundation for more sustainable growth pick up is now being laid," Nomura India Chief Economist Sonal Varma told reporters here today.
"So, we are quite positive on the medium-term outlook," she added.
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