Friday, 31 July 2020
- Dollar slips as Trump suggests election delay
- Asian stocks set to rise on Big Tech surge, dollar slides
- Oil sinks on weak U.S. economic data, political uncertainty
Major Currency Rates at 8 AM
The U.S. dollar extended its recent decline on Thursday after U.S. President Donald Trump raised the possibility of delaying the nation’s November presidential election, while the euro hit a two-year high.
The greenback has been in a month-long nosedive as the continued spread of coronavirus across U.S. states weighs on the economy, and is on track for its worst monthly performance in a decade.Data on Thursday showed that the U.S. economy contracted by 32.9% in the second quarter, the steepest pace since the Great Depression.
USD / INR Technical Analysis
The rupee is likely to open Flat around 74.88.
The Rupee is likely to have strong resistance at 75.37 (Bollinger Band) and 75.56 (100 Day Moving Average) and support at 74.81 (7 day Moving Average) and 74.44 (Bollinger Band).
Asian equities were set to rise on Friday after shares of Apple, Amazon and Facebook surged in extended trading on Thursday, with Alphabet also climbing, while the U.S. dollar continued to slide.
Hong Kong’s Hang Seng index futures rose 0.06%. Australian S&P/ASX 200 futures lost 0.47%, while Japan’s Nikkei 225 futures added 0.34%. On Wall Street, the Dow Jones Industrial Average fell 225.92 points, or 0.85%, to 26,313.65, the S&P 500 lost 12.22 points, or 0.38%, to 3,246.22 and the Nasdaq Composite added 44.87 points, or 0.43%, to 10,587.81.
Singapore nifty SGX was trading plus 65 points at 11,150 at 8 AM IST.
Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.
U.S. West Texas Intermediate (WTI) crude futures settled down $1.35, or 3.3%, at $39.92 a barrel after falling 5% earlier in the session.Brent crude futures, which expire on Friday, fell 81 cents, or 1.9%, to $42.94 a barrel.
Source : Reuters