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World Markets at a glance for currency, equity, commodity, bonds, crypto currency, financial news & major economic events of 12 August 2022.
World Markets
FX Insights
Indian Rupee
The Indian rupee is expected to open little changed against the US dollar on Friday, despite the dollar’s recovery and expectations that the Reserve Bank of India will intervene to support the local currency.
The rupee is expected to open at 79.60-79.65 per US dollar in early trade, down from 79.63 in the previous session. The local currency was unable to maintain its gains on Thursday, owing to a weaker-than-expected US inflation report.
Technical Analysis
Current level is 79.67..
In the Daily chart, first support is placed at 79.52 ( Bollinger Band). Break of 79.50 will take pair towards 79.40 ( 18 day Exponential Moving average)
First Resistance is at 79.85 which trendline . Break of which will take USD/INR towards 80.00 which is all time high .
In technical indicators, RSI is at 55.89 and is flat.
MACD is now showing flat trend.
USD INR Daily Chart
Other currency
The US dollar index, which measures the greenback against a basket of currencies, was at 105.237, down from above 106 recently.
After strengthening earlier this week, the Japanese yen traded at 133.22 per dollar. The Australian dollar was trading at $0.7097, just below the $0.71 mark.
The euro was trading at $1.0311, while sterling was at $1.2184, down 0.23% on the day.
Equity Insights
Indian Equity
The market is expected to open flat, with the SGX Nifty indicating a cautious start for India’s broader index with a loss of 19 points.
The BSE Sensex rose more than 500 points to 59,333, while the Nifty50 rose 124 points to 17,659, forming a bullish candle on the daily charts because it closed higher than it opened.
According to the pivot charts, the key support level for the Nifty is 17,621, followed by 17,583. If the index continues to rise, the key resistance levels to watch are 17,708 and 17,757.
Other Equity
Asia-Pacific stocks were mostly lower on Friday after posting strong gains the previous session as investors digested the US inflation report.
The Nikkei 225 increased by 2.15%, while the Topix index increased by 1.86%. Thursday was a holiday in Japan, so the markets were closed. In Australia, the S&P/ASX 200 fell 0.5%. The Kospi in South Korea was unchanged, while the Kosdaq fell 0.37%.
Mainland China’s stock markets fell. The Shanghai Composite fell by 0.13%, while the Shenzhen Component fell by 0.25%.
MSCI’s Asia-Pacific equity index outside of Japan fell 0.21%.
In the United States, major indexes struggled for direction overnight before closing mixed.
The S & P 500 fell 0.2% to 4,207.27, while the Nasdaq Composite fell 0.58% to 12,779.91. The Dow rose 27.16 points, or 0.08%, to 33,336.67.
Commodity Insights
Oil
Oil prices fell in early trade on Friday amid uncertainty about the demand outlook due to diverging views from OPEC and the International Energy Agency (IEA), but benchmark contracts were set to rise for the week as recession fears faded.
Brent crude futures fell 34 cents, or 0.3%, to $99.26 a barrel, while WTI crude futures in the United States fell 34 cents, or 0.3%, to $94.00 a barrel.
Gold
Gold prices fell on Friday as the Federal Reserve’s hawkish comments on interest rate hikes outweighed optimism about signs of cooling US inflation.
The spot price of gold was down 0.1% at $1,788.13 per ounce, while gold futures were trading around $1,803.50. Nonetheless, both instruments were poised for modest gains this week, aided by a sharp drop in the dollar.
Economic Events
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Economic Calendar |
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Friday, Aug 12, 2022 |
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| Time | Country |
Event |
Forecast | Previous |
| 11:30 |
GBP |
Manufacturing Production (MoM) (Jun) |
-1.8% |
1.4% |
| 11:30 |
GBP |
GDP (YoY) (Q2) |
2.8% |
8.7% |
| 11:30 |
GBP |
GDP (QoQ) (Q2) |
-0.2% |
0.8% |
| 11:30 |
GBP |
Monthly GDP 3M/3M Change |
-0.3% |
0.4% |
| 11:30 |
GBP |
GDP (MoM) |
-1.2% |
0.5% |
| 19:30 |
USD |
Michigan Consumer Sentiment (Aug) |
52.5 |
51.5 |
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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