Thursday, 6 August 2020
- Dollar struggles to stem decline as investors fret over U.S. job recovery
- Asia stocks inch higher as stimulus eyed
- Oil prices hit 5-month high as U.S. crude stockpiles
Major Currency Rates at 9:09 AM
The dollar languished and just about everything else rose on Thursday, as markets took patchy U.S. economic data as a harbinger of ever more stimulus and brinkmanship on Capitol Hill as a sign that a deal on a new U.S. stimulus package is close.
USD / INR Technical Analysis
The rupee is likely to open around 74.80.
The Rupee is likely to have resistance at 74.93 – 74.96 (7 & 18 Day Moving Average) and 75.15 (50 day moving average) and strong support at 74.51 (Bollinger Band and double bottom).
Following Wall Street’s lead, MSCI’s broadest index of Asia-Pacific shares outside Japan extended the week’s rally by 0.3% to a fresh six-and-a-half-month high.
Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook.
Brent crude ended the session up 74 cents, or 1.7%, at $45.17 a barrel, while West Texas Intermediate oil settled 49 cents, or 1.2% higher, at $42.19 a barrel.
Source : Reuters