Monday, 24 August 2020
- Dollar bides time as traders look to economic data, Jackson Hole
- Asian stocks start defensively, focus on coronavirus treatment, Jackson Hole
- Oil edges up as storms take aim at Gulf of Mexico
Major Currency Rates at 9:01 AM
The dollar steadied against major currencies on Monday as traders looked to more data for a gauge on the health of the global economy and the Federal Reserve’s annual Jackson Hole retreat for guidance on the outlook for U.S. monetary policy.
Sentiment for the greenback has improved somewhat due to supportive data on business activity and home sales, but there are still concerns that additional monetary easing may be necessary to keep economic growth on track.
USD / INR TECHNICAL LEVELS BASED ON DAILY CHART
|Resistance 2||75.15||( Bollinger Band )|
|Resistance 1||75.03||( 50 Day Moving Average )|
|Current Level||74.92 / 74.93|
|Support 1||74.60||( Bollinger Band )|
|Support 2||74.33||( Weekly Bollinger Band )|
Asian shares started cautiously on Monday on jitters over heady valuations though sentiment was underpinned by coronavirus hopes after the U.S. Food & Drug Administration (FDA) authorised the use of blood plasma from recovered patients as a treatment option.
MSCI’s broadest index of Asia-Pacific shares outside of Japan was last down 0.04%, but not too far from a six-month high touched last week. Australian shares were flat while Japan’s Nikkei was reversed early losses to be last up 0.07%.South Korea’s KOSPI, which has been on a slippery slope since hitting a more than two-year peak earlier this month, was mildly positive.
Crude oil prices nudged higher on Monday as storms bore down on the Gulf of Mexico, shutting more than half the region’s oil production, although gains were capped by ongoing concerns about demand from coronavirus lockdowns.
Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico on Sunday, forcing energy companies to pull workers from offshore platforms and shut down oil production.
Oil producers had shut 58% of the Gulf’s offshore oil production and 45% of natural gas production on Sunday. The region accounts for 17% of total U.S. oil production and 5% of U.S. natural gas output.
Brent crude oil futures added 8 cents, or 0.2%, to $44.43 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was up 7 cents, or 0.2%, to $42.41 a barrel.
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.