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Thursday, 2 July 2020
Our View in a Snapshot
|Expected Open||10470 ( + 70 )||75.50|
|Expected Range||10300 – 10550||75.35 – 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
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
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)
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 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