Markets at a Glance

Wednesday, 10 June 2020

Our View in a Snapshot


NIFTYUSD/INR
Expected Open1011575.45
Expected Range10000 – 1025075.30 – 75.70
  • Asian shares slip after mixed Wall Street session
  • Dollar nurses losses amid caution ahead of Fed
  • Oil rises as production curbs offset renewed demand fear

Equity

Asian equities slipped on Wednesday after most U.S. stocks pared gains made during their recent rally, although the Nasdaq benchmark reached its second straight day at a record high

Australian S&P/ASX 200 fell 0.4%, Japan’s Nikkei 225 index lost 0.8% and South Korea’s KOSPI slipped 0.3%. The Nasdaq’s 0.3% gain came on the back of strong gains in tech-related shares. The Dow Jones Industrial Average fell 1.09% and the S&P 500 declined 0.78%.

Our View on Stock Market

Markets are likely to open in the green tracking Asian cues despite US markets including Dow Jones closing in the red. SGX Nifty indicates a positive opening with 36 points gain. The Nifty futures were trading at 10,108 on the Singaporean Exchange.

The Nifty futures are likely to open around  10,100 – 10,125 Range.

The likely range for the day is 10,000 – 10,250

Currencies

The dollar nursed losses against most currencies on Wednesday amid some speculation the U.S. Federal Reserve could take steps to curb a recent rise in bond yields at its policy meeting.

The dollar was little changed at 107.75 yen on Wednesday in Asia following a 0.6% decline in the previous session. Against the British pound, the greenback traded at $1.2713, close to a three-month low. The dollar bought 0.9510 Swiss franc on Wednesday in Asia after falling 0.7% on Tuesday. The Australian dollar pulled back from an 11-month high and fell 0.27% to $0.6941, while the New Zealand dollar fell from its strongest level since late January to traded at $0.6487.

Our View on USD / INR

The Indian rupee is expected to trade higher after the dollar extended its decline ahead of the U.S. Federal Reserve’s monetary policy decision and release of summary of economic projections.

The rupee will likely be quoted around 75.50 to a dollar in early trades compared with 75.61 

The Rupee is likely to trade in the Range of 75.30 to 75.70

OIL

Oil prices rose on Tuesday, as optimism about recent commitments from major oil producers to curb production offset concerns that a resurgence in coronavirus cases could hurt fuel demand.

Brent crude rose 38 cents, or 0.9%, to settle at $41.18 a barrel. West Texas Intermediate crude (WTI) rose 75 cents, or 2%, to end at $38.94 a barrel.

Source : Reuters

Published by prashanti forex

Prashanti Forex is managed by a certified treasury professional with an experience of more than 15 years in Finance and Advisory Business. His expertise come from various organisations, where he has gained knowledge and deep understanding of financial environment. His Principle Objective is providing customised advise with excellent service, committing a relationship based on integrity, understanding, honesty and trust. We are glad to offer you a boutique of services which will enable your organisation to enhance the profitability and efficiently manage the business risks. Our Services are : Treasury & Risk Management Solutions Trade Finance Wealth Management

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