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Friday, 21 August 2020
HeadLines
- Dollar on defensive as fresh jobs pain hits U.S. economy
- Asian stocks set to rise after Wall Street tech-driven rally
- Oil climbs for third straight week, buoyed by producers holding back output
Major Currency Rates at 8:31 AM
| Symbol | Bid | Ask |
| EUR/USD | 1.1870 | 1.1873 |
| USD/JPY | 105.66 | 105.67 |
| GBP/USD | 1.3230 | 1.3233 |
| USD/CHF | 0.9069 | 0.9074 |
| AUD/USD | 0.7202 | 0.7203 |
| NZD/USD | 0.6535 | 0.6539 |
| USD/INR | 75.012 | 75.015 |
| XAU/USD | 1,947.08 | 1,947.44 |
Currencies
The dollar was on the defensive against most currencies on Friday after a rise in U.S. jobless claims and a dip in Treasury yields dampened the appeal of holding the greenback.
A larger-than-expected rise in weekly U.S. jobless claims came just one day after Fed officials warned that a recovery in hiring is starting to slow, raising doubts about how quickly the world’s largest economy will bounce back from the coronavirus.
USD / INR TECHNICAL LEVELS BASED ON DAILY CHART
| Support 1 | 74.83 – 74.86 | Resistance 1 | 75.14 |
| (7 & 18 Day Moving Average) | ( Bollinger Band) | ||
| Support 2 | 74.58 | Resistance 2 | 75.50 |
| ( Bollinger Band) | (Weekly Bollinger Band) |
Equity
Asian equities were poised to rise on Friday after a tech-driven rally on Wall Street in which the Nasdaq hit a record high despite downbeat data that affirmed the Fed’s dour outlook on U.S. economic recovery.
Australian S&P/ASX 200 futures rose 0.17%, Japan’s Nikkei 225 futures added 0.13%, while Hong Kong’s Hang Seng index futures rose 0.71%.
| Symbol | Last | Change | Change% |
| Dow 30 | 27,739.70 | 46.85 | 0.17% |
| S&P 500 | 3,385.51 | 10.66 | 0.32% |
| Nasdaq 100 | 11,477.00 | 158.41 | 1.40% |
| FTSE 100 | 6,013.34 | -98.64 | -1.61% |
| SGX Nifty | 11,388.50 | 95.00 | 0.84% |
OIL
Oil prices rose in early trade on Friday, on track for a third straight week of gains, buoyed by major oil producers’ efforts to hold back output amid concerns about the economic recovery from the coronavirus pandemic.
U.S. West Texas Intermediate (WTI) crude futures inched up 8 cents, or 0.2%, to $42.90 on course for a 2% rise for the week. Brent crude futures rose 16 cents, or 0.4%, to $44.07, heading for a weekly rise around 0.5%.
MAJOR ECONOMIC EVENTS FOR Friday, 21 August 2020
| Time | Curr | Event | Forecast | Previous |
| 11:30 | GBP | Core Retail Sales (MoM) (Jul) | 0.2% | 13.5% |
| 11:30 | GBP | Retail Sales (MoM) (Jul) | 2.0% | 13.9% |
| 13:00 | EUR | German Services PMI (Aug) | 55.1 | 55.6 |
| 13:30 | EUR | Manufacturing PMI (Aug) | 52.9 | 51.8 |
| 13:30 | EUR | Markit Composite PMI (Aug) | 54.9 | 54.9 |
| 13:30 | EUR | Services PMI (Aug) | 54.5 | 54.7 |
| 14:00 | GBP | Composite PMI | 57.0 | |
| 14:00 | GBP | Manufacturing PMI | 53.3 | |
| 14:00 | GBP | Services PMI | 56.5 | |
| 19:15 | USD | Manufacturing PMI (Aug) | 51.9 | 50.9 |
| 19:15 | USD | Markit Composite PMI (Aug) | 50.3 | |
| 19:15 | USD | Services PMI (Aug) | 51.0 | 50.0 |
| 19:30 | USD | Existing Home Sales (Jul) | 5.38M | 4.72M |
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.