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World Markets at a glance for currency, equity, commodity, bonds, crypto currency, financial news & major economic events of 11 August 2022.
Market snapshot
FX Insights
Indian Rupee
Indian Rupee is likely to open strong tracking weak dollar globally after US inflation came lower than expected triggering a Risk on Rally in Global stock markets.
Technical Analysis
Current level is 79.25..
In the Daily chart, first support is placed at 79.00 ( Big figure support). Break of 79.00 will take pair towards 78.88 ( 50 day Exponential Moving average) and 78.76 (Lower bollinger band)
First Resistance is at 79.33 which is day Exponential Moving average. Break of which will take USD/INR towards 79.51 which is middle bollinger band.
In technical indicators, RSI is at 49 and is flat.
MACD is now showing mild downside trend.
USD / INR Daily Chart
Other currency
The euro and Japanese yen were up on Thursday morning after US inflation data came in lower than expected, sending the dollar tumbling.
Consumer prices in the United States remained unchanged in July compared to June, when prices increased by 1.3% on a monthly basis. The July result was lower than expected due to a sharp drop in the price of gasoline, prompting markets to reposition on the hope that inflation had peaked.
The euro was trading at $1.0297 on Thursday morning, up 0.84% from the previous day, its biggest daily percentage gain since mid-June.
The yen was trading at 132.83 per dollar, down 1.6% from the previous day on the Japanese currency, which is particularly sensitive to changes in US yields.
Equity Insights
Indian Equity
The market is expected to open in the green, with the SGX Nifty indicating a 188-point gain for the broader index in India.
On the daily charts, the BSE Sensex fell 36 points to 58,817, while the Nifty50 gained 10 points to 17,535 and formed a Hanging Man-like pattern.
According to the pivot charts, the Nifty’s key support level is 17,639, followed by 17,534. If the index continues to rise, the key resistance levels to watch are 17,867 and 18,000.
Other Equity
Asia-Pacific markets rose on Thursday after a better-than-expected inflation report in the United States sent stocks soaring.
The S&P/ASX 200 index in Australia rose 0.97%.The South Korean Kospi rose 1.32%, while the Kosdaq gained 1.31%. The Hang Seng index in Hong Kong rose 1.19%, while the Hang Seng Tech index rose 1.66%.
Mainland China’s markets rose as well. The Shanghai Composite increased by 0.34%, while the Shenzhen Component increased by 0.39%.
The MSCI Asia Pacific Excluding Japan index rose 1.04%.
The Dow Jones Industrial Average closed at 33,309.51, up 535.10 points, or 1.63%. The S&P 500 increased by 2.13% to 4,210.24, while the Nasdaq Composite increased by 2.89% to 12,854.80.
Commodity Insights
Oil
Oil prices fell in early Asian trade on Thursday as traders anticipated increased crude supply and weaker demand.
Brent crude futures fell 53 cents, or 0.5%, to $96.87 per barrel, while WTI crude futures fell 61 cents, or 0.7%, to $91.32.
The US Energy Information Administration reported that crude oil stocks increased by 5.5 million barrels in the most recent week, exceeding the expected increase of 73,000 barrels.
Gold
Gold prices fell on Thursday as soft inflation data eased fears of a US recession, while copper prices remained at five-week highs as the dollar fell.
Gold futures fell 0.5% to $1,805.45, while spot gold fell 0.1% to $1,789.91.
Gold prices rose to a one-month high on Wednesday after data showed that inflationary pressures in the United States eased in July, weighing on the dollar. However, they quickly retreated from their peak as the data triggered a widespread rally in risky assets.
Economic Events
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Economic Calendar |
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Thursday, Aug 11, 2022 |
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| Time | Country |
Event |
Forecast | Previous |
| 18:00 | USD | PPI (MoM) (Jul) |
0.2% |
1.1% |
| 18:00 | USD | Initial Jobless Claims |
263K |
260K |
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
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