US Pres. Trump: Would sign Indian trade pact if it was right

Early Wednesday morning in Asia, Reuters came out with the news covering the US President Donald Trump’s comments about his visit to India after the phone call with the Indian Prime Minister Narendra Modi.

Key quotes

US President Donald Trump said on Tuesday he would sign a trade deal with Indian Prime Minister Narendra Modi if it was the right one.

Trump is scheduled to make his first visit as president to the world’s largest democracy later this month.

The two countries have been trying to reach a limited trade pact with lower tariffs, but talks have run into problems over issues with data privacy and e-commerce controls.

FX implications

While the early Asian session restricts the USD/INR pair’s negative reaction to the news, the quote can extend its two-day losing streak towards 71.00 based on the India-positive update.