World Markets

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World Markets at a glance for currency, equity, commodity, bonds, crypto currency, financial news & major economic events of 08 August 2022.

World Markets

FX Insights

Indian Rupee

On Friday Dollar rupee weakened to 79.75 where Reserve Bank sold dollars aggressively and brought the pair down

Technical Analysis

Current level is 79.42. The Rupee has depreciated due to strong dollars and stronger than expected Non Farm payroll data of US bringing back the chances of 75 basis hike in next Federal reserve meeting.

In the Daily  chart,  first support is placed ain 79.28-33 range . ( 7 & 18 day  Day Exponential Moving Average) . Break of this range will take pair towards 78.81 ( Lower Bollinger Band and 50 day  Exponential Moving Average)

First Resistance is at 79.55 which is Middle Bollinger Band

Second resistance is at 80.00 which is all time high

In technical indicators, RSI is at 53.84  and is flat. 

MACD is also flat in daily chart.

Daily Chart

USD-INR-Daily-08-Aug-2022

USD-INR-Daily-08-Aug-2022

Other currency

On Monday, the dollar continued its largest rise versus the yen since mid-June, helped by rising Treasury rates and anticipation of a more aggressive Federal Reserve policy tightening as a result of astronomical U.S. jobs data.

The dollar gained 0.31 percent in the most recent session to close at 135.42 yen. Earlier, it reached 135.585 yen, its highest level since July 28, after soaring 1.57 percent the previous day, its largest one-day gain since June 17.

The dollar index, which compares the value of the dollar to six other currencies, is currently at 106.77, down from a Friday top of 106.93, which was also its highest level since July 28.

Traders presently predict a likelihood of 73.5 percent. The Fed continues to raise interest rates by 75 basis points, up from approximately 41 percent before unexpectedly positive payroll data on Friday sparked concerns that wage growth will fuel inflationary pressures. The Fed’s next policy decision is on September 21.

Sterling fell 0.19 percent to $1.2050 and the euro fell 0.35 percent to $1.01595. A day after the Bank of England raised interest rates by an anticipated half percent while also issuing a warning of a protracted slump, the British pound fell as low as $1.2004 on Friday.

The New Zealand dollar dropped 0.19 percent to $0.62315 and the Australian dollar slid 0.6% to $0.6907.

Equity Insights

Indian Equity 

The market is predicted to open Flat as SGX Nifty trends point to an opening at 17400

The Nifty50 gained merely 15 points to 17,397 and produced a Doji-like pattern on the daily charts on Friday while the BSE Sensex gained 89 points to 58,388.

As per pivot charts, the key support level for Nifty is at 17,350, followed by 17,250. If the index moves up, key resistance levels to watch out for are 17,483 and 17,550.

Other Equity

As SoftBank is expected to release earnings after the market close on Monday, shares in the Asia-Pacific region fell on the market.

Energy stocks increased and real estate companies decreased on the Nikkei 225 in Japan, while the Topix index decreased by 118 percent. The S&P/ASX 200 fell 0.21 percent in Australia. The Kospi and Kosdaq in South Korea both fell by 0.29 and 0.41 percent, respectively.

The Hang Seng Tech index in Hong Kong fell 1.82 percent, while the Hang Seng index fell 0.76 percent. Markets on China’s mainland were down. Shenzhen Component fell 0.23 percent, while the Shanghai Composite dropped 0.16 percent.

The largest MSCI index of Asia-Pacific stocks outside of Japan decreased by 0.57 percent.

Commodity Insights

Oil

As recession worries dampened demand expectations and data indicated a gradual recovery in China’s crude imports last month, oil prices fell on Monday, hovering close to multi-month lows.

Futures for Brent crude fell by 74 cents, or 0.8 percent, to $94.18 a barrel. The previous week saw front-month prices fall to their lowest levels since February, falling 13.7 percent and recording their biggest weekly decline since April 2020.

U.S. West Texas Intermediate crude was trading at $88.34 per barrel, down 67 cents (0.8%) from the previous week and continuing its downward trend.


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

https://www.reuters.com/

https://in.investing.com/

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