World Markets
31 January 2022
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
- Dollar near 18-month high ahead of bumper central bank week
- Asia shares edge higher, oil keeps climbing
- Oil rises, hovers near 7-year highs on supply fears, political risks
FREE RISK ASSESSMENT FOR EXPORTERS AND IMPORTERS
Indian Rupee
The Indian rupee is expected to trade little changed to the dollar amid new multiyear highs on crude oil prices and a likely recovery in local equities ahead of tomorrow’s federal budget.
The rupee is tipped at around 75.02-75.04 in opening trades compared with 75.04 on Friday. Last week, the currency had dropped to a more-than-a-month low of around 75.30 amid expectations that the U.S. Federal Reserve is likely to raise interest rate more than four times this year to quell inflation.
India Stock Market
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 146 points.
On the first day of February series, January 28, the market started with a bounce back but failed to sustain it and lost more than 270 points from day’s high on the Nifty50 in last couple of hours of trade to close with moderate loss. Heavy FII selling, caution ahead of Union Budget and weak global cues weighed on the sentiment.
The BSE Sensex was down 76.71 points to close at 57,200.23, while the Nifty50 declined 8.20 points to 17,102 on Friday
Currency
The dollar was near a year-and-a-half high against the euro on Monday with equities markets volatility expected to push it higher in the short-term as traders eyed upcoming Australian, UK and European central bank meetings.
The euro was at $1.1148, just off last Friday’s low of $1.1119, its weakest since June 2020. The Aussie dollar was at $0.6991, also languishing near Friday’s 18-month low, while sterling was at $1.34015, near the one-month low hit last week. The dollar index , which measures the greenback against six major peers was at 97.205, just below Friday’s 18-month top of 97.441.
Equity
Asian share markets made guarded gains on Monday ahead of a week that is likely to see a rise in UK interest rates and mixed reports on U.S. jobs and manufacturing, while surging oil prices add to worries over inflation.
Lunar New Year holidays made for thin conditions and MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.3% in slow trade. Japan’s Nikkei bounced 1% from a 14-month trough, though local data on industrial output and retail sales undershot forecasts. S&P 500 futures and Nasdaq futures were both flat, while EUROSTOXX 50 futures rose 1% and FTSE futures 0.6%.
Oil
Oil rose 1% on Monday, hovering near 7-year highs hit in the previous session, amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East.
Brent crude rose 92 cents, or 1.0%, to $90.95 a barrel, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day. The most-active Brent contract, for April delivery , was trading at $89.69, up $1.17 or 1.3%. U.S. West Texas Intermediate crude rose 99 cents, or 1.1%, to $87.81 a barrel, having gained 21 cents on Friday.
Economic Events
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.
Sources
