Tuesday, 11 August 2020
- 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
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)|
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
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