Market at a Glance

Wednesday, 1 July 2020

Our View in a Snapshot


NIFTYUSD/INR
Expected Open10225 ( – 30 )75.50
Expected Range10150 – 1040075.35 – 75.70
  • Dollar holds gains before major economic data
  • Asian markets set for shaky start amid mixed cues
  • Oil rises after sharp drop in U.S. crude inventories

Currencies

The dollar held onto gains on Wednesday ahead of data expected to show U.S. manufacturing activity and hiring continued to recover from the economic shock caused by the coronavirus pandemic.

Ahe dollar traded at 107.99 yen  in Asia on Wednesday, close to the highest in three weeks.The mood for the yen soured after Bank of Japan data showed business sentiment fell to an 11-year year low. The euro held steady at $1.1234. Sterling bought $1.2394 as it held on firmly to the previous session’s gains

Our View on USD / INR

The rupee will likely be quoted around 75.50 to a dollar in early trades.

The Rupee is likely to have resistance at 75.65 (7 DMA) and 75.73 (14 DMA) and support at 75.41 (bollinger band) and 75.34 (RBI bought last time)

USD INR Daily Chart

Equity

Asian stocks were set for a bumpy start to the second half of the year on Wednesday as optimism about a global economic recovery from the pandemic jousted with signs in the United States the health crisis may not yet be past its peak.

Stocks futures were mixed in early Asian trade with e-mini for the S&P 500 down 0.19% while with Japan’s Nikkei 225 futures  rose 0.2%. Hong Kong’s Hang Seng index futures . lost 0.42% and Australian S&P/ASX 200 futures  were down 0.1%. MSCI’s gauge of stocks across the globe  gained 1.04% as the S&P 500 gained 1.54%.

Our View on Stock Market

The Indian stock market is expected to open negative around 30 to 40 points from yesterday close.

The Nifty futures are likely to open around  10,225.

The likely range for the day is 10,150 – 10,400

OIL

Oil prices rose on Wednesday after an industry report showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

Brent crude  rose 33 cents, or 0.8%, to $41.60 a barrel after declining more than 1% on Tuesday. U.S. crude was up 42 cents, or 1.1%, at $39.69 a barrel, having dropped by 1.1% in the previous session.

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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