Markets at a Glance


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Monday, 6 July 2020

  • Dollar in tight range ahead of U.S. services sector data
  • Asia shares at four-month peak, stimulus trumps virus fears
  • Oil prices mixed as coronavirus spike casts shadow over U.S. demand

Currencies

The dollar held steady against most currencies on Monday as investors awaited data expected to show the U.S. services sector stopped contracting, and highlighting the economic recovery from the coronavirus pandemic.

The dollar held steady at 107.56 yen on Monday in Asia following a 0.3% gain last week. The euro changed hands at $1.1247. Against the British pound, the common currency bought 90.18 pence. Sterling moved in a narrow range at $1.2474. Against the Swiss franc, the dollar was quoted at 0.9455.

Our View on USD / INR

The rupee is likely to open flat around  75.63 after appreciating sharply last week.

The Rupee is likely to have resistance at 75.17 (7 DMA) and 75.54 (14 DMA) and support at  74.34 (7 month moving average) and 74.00 (Big Figure)

USD INR Daily Chart
USD INR Monthly Chart

Equity

Asian shares held near four-month highs on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery even as surging coronavirus cases delayed reopening across the United States.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05%, having hit its highest since February. E-Mini futures for the S&P 500 firmed 0.3%.

Our View on Stock Market

The Indian stock market is expected to open positive around 90 to 100 points from yesterday close.

The Nifty futures are likely to open around  10,675.

The likely range for the day is 10,500 – 10,800

OIL

Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.

Brent crude rose 11 cents, or 0.3%, to $42.91 a barrel  after a 4.3% gain last week, while U.S. West Texas Intermediate crude was at $40.35, down 30 cents, or 0.7%

Source : Reuters

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Markets at a Glance

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Friday, 3 July 2020

  • Dollar in narrow range as U.S. virus cases grow
  • Asian stocks set to follow U.S. jobs rally,
  • Oil up more than 2% on U.S. jobs data 

Currencies

The dollar was hemmed into a narrow range on Friday, supported by safe-haven flows as a resurgence of the coronavirus in the United States discouraged some investors from taking on excessive risk. Trading in currency markets on Friday may be subdued before the U.S. holiday.

Against the euro , the dollar was quoted at $1.1250 on Friday in Asia.The dollar held steady at 0.9469 Swiss franc on Friday after three straight days of gains. The British pound  traded hands at $1.2471.The dollar was little changed at 107.50 yen .

Charts

USD INR Daily Chart
USD INR Monthly Chart

Our View on USD / INR

The rupee appreciated sharply yesterday to 74.75 on account of Dollar inflows in the market.

The Rupee is likely to have resistance at 75.10 (100 DMA) and 75.45 (7 DMA) and support at  74.34 (7 month moving average) and 74.00 (Big Figure)

Equity

Asian stocks were likely to track a firmer Wall Street session on Friday after strong U.S. jobs data although growing Sino-U.S. tensions and a worrying surge in coronavirus cases is likely to cap gains.

Japan’s Nikkei 225 futures rose 0.45% and Australia’s S&P/ASX 200 futures climbed 0.58%.E-mini futures for the S&P 500 rose 0.14%. MSCI’s gauge of stocks across the globe gained 0.92%. The Dow Jones Industrial Average rose 0.36%, the S&P 500 gained 0.45% and the Nasdaq Composite added 0.52%.

Our View on Stock Market

The Indian stock market is expected to open positive around 40 to 50 points from yesterday close.

The Nifty futures are likely to open around  10,600.

The likely range for the day is 10,500 – 10,700

OIL

Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment and a drawdown in crude inventories, but a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks.

Brent crude  futures settled at $43.14 a barrel, rising $1.11, or 2.6%. U.S. West Texas Intermediate (WTI) crude  futures settled at $40.65 a barrel, up 83 cents, or 2.1%.

Source : Reuters

Markets at a Glance

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Thursday, 2 July 2020

Our View in a Snapshot


NIFTYUSD/INR
Expected Open10470 ( + 70 )75.50
Expected Range10300 – 1055075.35 – 75.70
  • Dollar on defensive as upbeat data dulls safe-haven appeal
  • Asian stocks set to track U.S. gains but Hong Kong jitters weigh
  • Oil prices dip on demand worries as California reimposes restrictions

Currencies

The dollar was on the defensive against more growth-sensitive currencies on Thursday, following upbeat U.S. and European economic data but renewed worries about the coronavirus blunted more aggressive risk taking.

Sterling traded at $1.2477 flat in early Thursday trade but having gained 1.1% so far this week. The Australian dollar fetched $0.6919 , having gained 0.7% on the week.The euro changed hands at $1.1252  maintaining its gain of 0.3% since the start of week.

Our View on USD / INR

USD INR Daily Chart

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

The Rupee is likely to have resistance at 75.56 (7 DMA) and 75.77 (Bollinger Band) and support at  75.34 (RBI bought last time) and 75.14 (Bollinger Band)

Equity

Asian stocks were set to track Wall Street gains on Thursday as investors cheered signs the global economy was emerging from its coronavirus hibernation although trade is likely to be choppy as fresh concerns about Hong Kong keep investors cautious.

E-mini futures for the S&P 500 edged 0.06% higher, while Australian S&P/ASX 200 futures climbed 0.71% and Japan’s Nikkei 225 futures rose 0.4%. The MSCI’s gauge of stocks across the globe gained 0.45% and the S&P 500 rose 0.50%.

Our View on Stock Market

The Indian stock market is expected to open positive around 70 to 80 points from yesterday close.

The Nifty futures are likely to open around  10,470.

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

OIL

Oil prices slipped in early trade on Thursday after California reimposed some coronavirus lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude  futures fell 13 cents, or 0.3%, to $39.69 a barrel , trimming a 1.4% rise from Wednesday. Brent crude  futures fell 15 cents, or 0.3%, to $41.89 a barrel

Source : Reuters