Markets at a Glance

Wednesday, 24 June 2020

Our View in a Snapshot


NIFTYUSD/INR
Expected Open1045075.55
Expected Range10300 – 1055075.40 – 75.80
  • Euro rises on upbeat data, Trump says China trade deal still intact
  • Asian stocks under pressure after spike in coronavirus cases
  • Oil pulls back after hitting highest since early March

Currencies

The euro jumped to one-week highs following positive economic data on Tuesday, while the Australian dollar and other higher-risk currencies strengthened after U.S. officials confirmed that the U.S.-China trade deal remained intact.

The euro was last up 0.46% on the day at $1.1310, after getting as high as $1.1337, the highest since June 16. The Australian dollar jumped 0.42% to $0.6934, after earlier reaching $0.6973, also the highest since June 16. The dollar slipped 0.37% against the yen to 106.4700 yen, after getting as low as 106.06 yen, the weakest since May 7.

Our View on USD / INR

The Indian rupee is expected to strengthen during the day as Indian and Chinese military agree to disengage on disputed Himalayan border.

The rupee will likely be quoted around 75.55 to a dollar in early trades.

The Rupee is likely to trade in the Range of 75.40 to 75.80

Equity

Asian stocks are expected to come under pressure on Wednesday, as a spike in new coronavirus infections weighed on sentiment, although U.S. assurances that the China trade deal was intact and upbeat economic data provided some reasons for optimism.

Australian S&P/ASX 200 futures rose 0.15% in early trading. Japan’s Nikkei 225 futures fell 0.02%. Hong Kong’s Hang Seng index futures lost 0.01%.On Wall Street, the Dow Jones Industrial Average ended 0.5% higher, the S&P 500 gained 0.43% and the Nasdaq Composite added 0.74%.

Our View on Stock Market

The Indian stock market is expected to open flat to around 20 to 30 points negative from yesterday close tracking asian stocks & global peers.

The Nifty futures are likely to open around  10,450.

The likely range for the day is 10,300 – 10,550

OIL

Oil futures slipped on Tuesday as the market braced for reports expected to show swelling U.S. crude inventories, which pulled prices back off the highest levels since before the coronavirus pandemic slammed fuel demand.

Brent futures fell 45 cents, or 1.0%, to settle at $42.63 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.9%, to $40.37.

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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