FX Insights
Indian Rupee
Spot Reference 77.45
The dollar Rupee opened lower on account of positive equity and weakness in the dollar index
Support 77.35 & Resistance 77.65
If 77.35 breaks then it can further down to 77.05 and if 77.65 breaks then the rally can go up to 77.85
Other Currency
The dollar slumped across the board on Thursday, giving up territory gained in recent sessions as investors sought higher-yielding currencies in response to rising risk sentiment.
The dollar currency index, which measures the value of the dollar against six major currencies, was 0.8 percent down at 101.78, ending a two-day winning run.
Riskier currencies, such as the Australian and New Zealand dollars, rose 1.17 percent and 1.20 percent against their US counterparts, respectively.
Equity Insights
Indian Equity
The Indian stock market is projected to begin in the green, with SGX Nifty trends indicating a 155-point gap-up opening for the wider index in India.
The BSE Sensex rose 437 points to 55,818 on June 3, while the Nifty50 rose 105 points to 16,628 on the daily charts, forming a Bullish Engulfing candle.
The pivot charts show that the Nifty’s important support level is 16,500, followed by 16,300. The major resistance levels to monitor if the index rises are 16,800 and 17,000.
Other Equity
Following overnight advances on Wall Street, Asian stocks climbed in Friday morning session. Investors will also be anticipating the publication of May employment statistics in the United States.
In Japan, the Nikkei 225 index rose 1.23 percent as shares of Fast Retailing jumped over 4%. The Topix index increased by 0.73 percent.
The Kospi in South Korea rose 0.79 percent, while the S&P/ASX 200 in Australia rose 0.67 percent. Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks rose 0.52 percent.
Commodity Insights
OIL
Oil prices have remained stable due to concerns that OPEC+ will not be able to cover Russia’s shortfall.
Oil prices were essentially flat on Friday, holding to gains gained the previous day on concerns that OPEC+ members will be able to increase oil output sufficiently to compensate for lost Russian supplies.
Brent crude prices were up 7 cents at $117.68 a barrel, while US West Texas Intermediate (WTI) crude futures were up 1 cent at $116.88 a barrel.
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| Economic Calendar |
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| Friday, June 03, 2022 |
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Time | Country | Event | Forecast | Previous |
18:00 | USD | Unemployment Rate (May) | 3.5% | 3.6% |
18:00 | USD | Nonfarm Payrolls (May) | 325K | 428K |
19:30 | USD | ISM Non-Manufacturing PMI (May) | 56.4 | 57.1 |
Disclaimer: All information in this report is collected from various sites on the internet. Although we have taken all precautions for the correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed are the author’s own views. We are not responsible for any losses on account of following the same.
Sources
