Tuesday, 30 June 2020
Our View in a Snapshot
( + 50 )
|Expected Range||10200 – 10450||75.35 – 75.70|
- Dollar edges higher before quarter-end
- Asia stocks set to rise on upbeat data
- Oil rises on improving economic data
The greenback edged higher on Monday as investors positioned for quarter-end and weighed an increase in coronavirus cases in some U.S. states against improving economic data.
Against a basket of currencies the dollar index rose 0.08% to 97.56.The euro gained 0.11% to $1.1229. The dollar gained 0.45% against the Japanese yen to 107.69 yen. Sterling weakened to a one-month low against the greenback on concerns about how Britain’s government will pay for its planned infrastructure program.
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 trade in the Range of 75.35 to 75.70
Asian markets were poised to follow Wall Street’s firm lead on Tuesday as the sentiment boost from upbeat U.S. data outweighed the threat of rising COVID-19 infections in the world’s largest economy.
Australian S&P/ASX 200 futures rose 1.15% while Japan’s Nikkei 225 futures ticked up 0.11%. Hong Kong’s Hang Seng index futures climbed 0.62%. MSCI’s gauge of stocks across the globe rose 0.72% during Monday trading fueled by gains on Wall Street. On Monday, the Dow Jones Industrial Average rose 2.32%, the S&P 500 gained 1.47% and the Nasdaq Composite added 1.2%.
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 10,300.
The likely range for the day is 10,200 – 10,450
Oil prices rose about $1 a barrel on Monday, after bullish data from Asia and Europe, but investors are wary about sharp spikes in new coronavirus infections around the world.
Brent crude gained 69 cents, or 1.7%, to settle at $41.71 a barrel. U.S. crude rose $1.21, or 3.1%, to settle at $39.70 a barrel.
Source : Reuters