Wednesday, 24 June 2020
Our View in a Snapshot
|Expected Range||10300 – 10550||75.40 – 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
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
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 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