17 January 2022
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
- Dollar finds a footing as traders brace for hawkish Fed
- Asia-Pacific markets traded mixed Monday
- Oil clears 2021 highs
The Indian rupee is expected to decline against the U.S. currency today after Treasury yields and the dollar index jumped despite weak U.S. data.
The rupee is tipped at around 74.20-74.24 in initial trades compared with 74.15 on Friday. The apparent intervention by the Reserve Bank of India, importer hedging, and position trimming prompted the local currency to slip after it reached a more-than-three-month high of 73.77 last Wednesday.
The dollar clung to a late week bounce on Monday as investors braced for January’s U.S. Federal Reserve meeting and raised bets it will chart a year ahead holding several rate hikes, while China surprised analysts with a benchmark cut.
The dollar was 0.2% higher at 114.45 yen early in the Asia session, about 0.8% above a Friday low. It also edged about 0.1% firmer on the euro to $1.1403. The U.S. dollar index , which declined sharply last week until Friday’s leap, sat at 95.225 in Asia on Monday.
The Australian and New Zealand dollars, which dropped sharply on Friday, remained under pressure on Monday. The Aussie was last down 0.2% at $0.7200, ending for now a brief foray above resistance around $0.7276. The kiwi edged 0.2% lower to $0.6791.
Asia-Pacific markets traded mixed Monday as economic data out of China showed the world’s second largest economy grew faster than expected between October and December.
The Shanghai composite added 0.32% while the Shenzhen component gained 0.89%. Numbers from China’s National Bureau of Statistics showed the Chinese economy grew by 8.1% in 2021, slightly below the market’s expectation for around 8.4% growth for the year.
The Nikkei 225 in Japan rose 0.69% while the Topix index added 0.42%. Australian shares also eked out gains as the ASX 200 was up 0.12%. South Korean shares, however, faltered as the Kospi slipped 1.13% and the Kosdaq was down 0.95%. Hong Kong shares also struggled for gains as the Hang Seng index fell 0.72%.
Oil prices have climbed for four weeks straight and such is demand that physical barrels of oil are changing hands at near record high premiums.
Brent added another 48 cents to $86.54 a barrel and just pipped the 2021 top of $86.70. The 2018 peak is at $86.74, and a break would take it to heights last visited in 2014. U.S. crude also firmed 75 cents to $84.57 per 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.