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Tuesday, 11 August 2020
HeadLines
- Dollar gains after weeks of losses as investors focus on U.S. aid package
- Asian stocks set for cautious start amid renewed U.S.-China tensions
- Oil firms on U.S. stimulus hopes, Asian demand recovery
Major Currency Rates at 8:50 AM
Currencies
The dollar rose on Monday, including against major currencies such as the euro and Swiss franc, as investors focused on the fiscal stimulus plan in the United States and U.S.-China tensions ahead of key trade talks this week.
The dollar index also recouped some losses from July when it fell 4% and was up 0.2% at 93.56. Friday’s data on the non-farm payrolls report calmed fears about the U.S. labor market, but the dollar still posted its seventh straight weekly decline.
USD / INR Technical Analysis
| USD / INR TECHNICAL LEVELS BASED ON DAILY CHART | |||
|---|---|---|---|
| Support 1 | 74.76 | Resistance 1 | 74.96 |
| (Trendline) | (18 Day Moving Average) | ||
| Support 2 | 74.57 | Resistance 2 | 75.13 |
| (Bollinger Band) | (50 Day Moving Average) |
Equity
Asian stocks were set for a cautious start on Tuesday, following a mixed Wall Street session and as investors eyed stalled U.S. stimulus efforts and worsening strains between Washington and Beijing over Hong Kong.
Australian S&P/ASX 200 futures fell 0.05% in early trading. Japan’s Nikkei 225 futures slipped 0.04%. Hong Kong’s Hang Seng index futures rose 0.43%. U.S. stocks were mixed on Monday. The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower.
SGX Nifty +31 points (11325) from last trade 11294
OIL
Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen.
Brent crude added 7 cents, or 0.2%, to $45.06 a barrel,. West Texas Intermediate U.S. crude rose 14 cents, or 0.3%, to $42.08 a barrel.
Source : Reuters
