Friday, 14 August 2020
- Dollar drifts higher as coronavirus, China data sap confidence
- Asian shares to pause ahead of China data, U.S. ‘altitude sickness’
- Oil prices rise, head for weekly gain amid cautious hopes for fuel demand recovery
Major Currency Rates at 8:44 AM
The dollar drifted higher on Friday, helped by strong U.S. jobs data as well as firmer global demand for safe-havens amid concerns about the coronavirus recovery, setting the currency up to potentially snap a seven-week losing streak.
Soft Chinese retail and production figures cast a pall over the mood in Asia, dragging on the risk-sensitive Australian and New Zealand dollars. China’s industrial output rose more slowly than expected in July and retail sales fell for a seventh straight month, suggesting some bumps in even the world’s most promising rebound.
USD / INR Technical Analysis
Asian shares were set for a largely flat start on Friday as markets weighed a pause in Wall Street’s multi-month stock rebound and awaited the release of Chinese economic data later in the session.
Australian S&P/ASX 200 futures were down 0.05%, while Japan’s Nikkei 225 futures were up 0.06% after the Nikkei 225 index closed up 1.78% at 23,249.61 on Thursday. The futures contract is down 0.11% from that close . Hong Kong’s Hang Seng index futures were down 0.13%.
Oil prices advanced on Friday and were heading for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide.
Brent crude was up 14 cents, or 0.3%, at $45.10 , heading for a gain of about 1.6% this week.West Texas Intermediate had gained 12 cents, or 0.3%, to $42.36. The U.S. benchmark is heading for a gain of nearly 3% this week.
Disclaimer : All information in this report is collected from various sites on internet. The technical analysis is authors own views. We do not take any responsibility for any errors and omissions.