Markets at a Glance

Treasury & Forex Consultants

Monday, 29 June 2020

Our View in a Snapshot


NIFTYUSD/INR
Expected Open10300 ( – 50 )75.60
Expected Range10200 – 1045075.40 – 75.75
  • Safety bid supports dollar as coronavirus surge shakes confidence
  • Asia stocks slip as coronavirus cases surge
  • Oil falls in second straight session as virus cools demand

Currencies

A firm dollar kept riskier currencies under pressure on Monday, as a surge in coronavirus cases and the re-imposition of curbs to stop its spread had investors worried that a global economic recovery could be derailed even before it had taken root.

Against a basket of currencies  the dollar was steady not far below a four-week peak on Monday at 97.466. The safe-haven Japanese yen  also held at 107.24 per dollar. The Aussie  was last steady at $0.6872 and the kiwi  at $0.6420 

Sterling nursed losses and sat at $1.2341, just a fraction above a one-month low it hit on Friday amid fresh doubts over whether Britain can settle a post-Brexit trade pact with the European Union.

Our View on USD / INR

The rupee will likely be quoted around 75.60 to a dollar in early trades.

The Rupee is likely to trade in the Range of 75.40 to 75.75

Equity

Asian share markets got off to a shaky start on Monday as the relentless spread of the coronavirus finally made investors question their optimism on the global economy, benefiting safe harbour bonds and the U.S. dollar.

AMSCI‚Äôs broadest index of Asia-Pacific shares outside Japan eased 0.2%. Japan’s Nikkei  shed 1.5% and South Korean stocks  1.4%. E-Mini futures for the S&P 500 lost 0.3%.

Our View on Stock Market

The Indian stock market is expected to open negative around 40 to 50 points from friday close.

The Nifty futures are likely to open around  10,300.

The likely range for the day is 10,200 – 10,450

OIL

Oil prices fell for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading countries to resume partial lockdowns that could hurt fuel demand.

Brent crude dropped 66 cents, or 1.6%, to $40.36 a barrel while U.S. crude was at $37.86, down 63 cents, or 1.6%.

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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