Friday, 24 July 2020
- Euro, gold on a high as the dollar breaks down
- Asia markets to fall on china vows to retaliate against US
- Oil rises on weaker dollar, but virus woes and U.S.-China tensions weigh
Major Currency Rates at 8 AM
Financial markets greeted Friday with a number of milestones as the euro celebrated a 21-month peak against an embattled dollar, while Asian equities paused short of a six-month top and gold neared its highest on record.
Dollar down 1.4% on the week against a basket of currencies at 94.612 and heading for its fifth straight weekly loss.
USD / INR Technical Analysis
The rupee is likely to open around 74.81. Yesterday it touched 74.50 where the central Bank was seen buying dollars.
The Rupee is likely to have strong resistance at 74.85 (7 Day Moving Average) and 74.94 (14 Day Moving Average) and support at 74.50 (double bottom) and 74.35 (Bollinger Band)
Asian stocks were likely to come under pressure on as fresh diplomatic tensions between Washington and Beijing heightened investor jitters and overshadowed the boost to Wall Street from U.S. stimulus hopes.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%, but was still up 1.8% for the week and near its highest since mid-January. Tokyo was closed for a holiday, but Nikkei futures were trading a fraction firmer. Chinese blue chips dipped 1.1% as Beijing vowed to retaliate against a U.S. order to close one of its consulates.E-Mini futures for the S&P 500 edged up 0.27%.
SGX Nifty is Trading 58 points negative at 11,159. It has support at 10,900 and resistance at 11,200.
Oil edged up on Friday as the dollar fell to an almost two-year low, although demand concerns stemming from rising coronavirus cases and U.S.-China tensions kept a lid on prices.
Brent crude rose 15 cents, or 0.4%, to $43.46 a barrel and U.S. West Texas Intermediate (WTI) crude rose by 12 cents, or 0.3%, to $41.19.
Source : Reuters
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