10 January 2022
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
- Dollar firm as inflation test looms
- Asia shares subdued before U.S. inflation test
- Oil drops for 2nd session on concerns over rising COVID-19 cases
The Indian rupee is expected to advance against the U.S. currency today, tracking broad dollar losses after the world’s largest economy added fewer than expected jobs last month.
The rupee is tipped at around 74.20-74.25 in initial trades compared with 74.31 in the previous session. On Friday, the dollar index dropped 0.6% after the U.S. economy added less than half the number of jobs expected. Asian currencies began the week 0.1% to 0.4% higher.
India Stock Market
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with an 89-point gain.
On January 7, the BSE Sensex rallied 142.81 points to 59,744.65 while the Nifty50 climbed 66.80 points to 17,812.70
The dollar started the week with support as traders bet U.S. inflation data and appearances from several Federal Reserve officials would bolster the case for higher interest rates.
After dipping on Friday, the greenback stood around its 200-day moving average against the euro at $1.1357 in early Asia trade on Monday. It firmed slightly on the yen to 115.65 , fairly close to last week’s five-year high of 116.35 per dollar. The dollar index last sat at 95.800.
Asian share markets were muted on Monday as investors count down to another U.S. inflation reading that could well set the seal on an early rate hike from the Federal Reserve, lifting bond yields and punishing tech stocks.
MSCI’s broadest index of Asia-Pacific shares outside Japan was near flat, while South Korea lost 0.7%. Japan’s Nikkei held steady for now, after falling 1.0% last week. Chinese mainland shares tumbled, with the Shanghai composite down 0.42% and the Shenzhen component lower by 0.23%. Australia’s benchmark ASX 200 traded down 0.04%
Oil lost more ground on Monday as rapidly climbing cases of the Omicron COVID-19 variant hit economic activity, although losses were curbed by supply disruptions in Kazakhstan and Libya.
Brent crude slid 38 cents, or 0.46%, to $81.37 a barrel, while U.S. West Texas Intermediate (WTI) crude was down 34 cents, or 0.43%, to $78.56 a barrel.
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Disclaimer : All information in this report is collected from various sites on internet. Although we have taken all precautions for correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed is authors own views. We are not responsible for any losses on account of following the same.