28 January 2022
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
- Dollar gains as Wall Street retreats on future Fed hikes
- Asia-Pacific markets mostly gain after volatile session on Wall Street
- Oil falls from seven-year high as Russia tensions offset Fed tightening
The Indian rupee is expected to open lower against the U.S. currency, tracking broad advances on the dollar amid the possibility of aggressive rate increases by the Federal Reserve.
The rupee will likely open around 75.20 compared with 75.07 yesterday. The currency had dropped to a more-than-one-month low of 75.30 in intraday trades yesterday, but recouped the losses on foreign fund inflows from Adani Wilmar’s initial public offering,
U.S. stocks retreated on Thursday after a solid opening, while the dollar gained as investors prepared for future rate hikes from the Federal Reserve.
The dollar index , which measures the greenback’s value against other major currencies, climbed 0.8%, its biggest single-day gain in more than two months.
The dollar’s gain was gold’s loss, as the precious metal fell over 1% to more than a two-week low. Spot gold prices fell 1.24% to $1,795.50 an ounce.
Expectations of Fed tightening sent the policy-sensitive U.S. two-year yield to an intraday high of 1.208%, a level last reached in February 2020, before ending at 1.1902%.
The benchmark 10-year yield slipped to 1.8101% after hitting a high of 1.88% on Wednesday.
Asia-Pacific markets mostly traded higher on Friday, following a volatile session on Wall Street overnight where investors reacted to comments from the Federal Reserve and U.S. GDP data.
The Nikkei 225 in Japan gained 2% after falling nearly 3% on Thursday, while the Topix was up 1.74%. South Korea’s Kospi reversed losses to rise 0.81%. Australia’s ASX 200 advanced 1.57%.
Mainland Chinese markets fell: the Shanghai Composite lost 0.72%, while the Shenzhen Component slid 0.96%. Hong Kong’s Hang Seng index also declined 1%. MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.14% lower.
Oil prices fell on Thursday after Brent crude hit a seven-year high above $90 a barrel, as the market balanced concerns about tight worldwide supply with expectations the U.S. Federal Reserve will soon tighten monetary policy.
Global benchmark Brent fell 62 cents to settle at $89.34 a barrel, while U.S. crude closed 74 cents lower at $86.61 a barrel in a volatile session with both contracts see-sawing between positive and negative territory.
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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.