Tuesday, 4 August 2020
- Dollar falters as investors await U.S. stimulus deal
- Asia stocks rise as upbeat factory data lifts confidence
- Oil rises more than 1% on hopes for economic recovery
Major Currency Rates at 8 AM
A nascent rebound in the dollar paused on Tuesday, as investors weighed mixed but encouraging economic data against slow progress toward a U.S. government spending package and another week of rising coronavirus deaths.
The dollar’s traded at 93.574 against a basket of currencies – below a one-week top of 93.997 hit on Monday.
USD / INR Technical Analysis
The rupee is likely to open around 75.20. Yesterday the Indian rupee rallied up by 45 paise after the Equity market corrected sharply
The Rupee is likely to have resistance at 75.33 (50 Day Moving Average) and 75.59 (100 Day Moving Average) and support at 74.99 (Ichimoku Cloud) and 74.52 (Bollinger Band).
Asian shares rose on Tuesday after strong U.S. manufacturing data and gains in tech stocks helped investors look past broader worries about the coronavirus and global economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9%, while shares in China nudged up 0.1%. Australian stocks gained 2% for the biggest intraday gain since July 21. Tokyo shares also jumped by more than 1%. On Monday the Dow Jones Industrial Average rose 0.89%, the S&P 500 gained 0.72%, and the Nasdaq Composite advanced 1.47% to set a record closing high as investors cheered the manufacturing data.
Oil prices were up more than 1% on Monday on positive economic data from the United States, Europe and Asia, but investors remained concerned about rising COVID-19 cases globally and oversupply as OPEC begins to lift supply cuts.
Brent crude settled at $44.15 a barrel, rising 63 cents, or 1.5%. U.S. West Texas Intermediate (WTI) crude rose 74 cents, or 1.8%, to end at $41.01 a barrel.
Source : Reuters