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World Markets
September 26, 2022
World Markets at a Glance for currency, equity, commodities, bonds, crypto currency, financial news & major economic events of September 26, 2022.
FX Insights
Indian Rupee
On Monday, the Indian rupee is set to hit a new lifetime low against the US dollar, as worsening risk sentiment and a falling pound lifted the dollar index to its highest level since 2002.
The rupee is expected to open at around 81.30 against the US dollar, down from 80.9900 the previous session.
On Friday, the rupee hit a record low of 81.2250, prompting the Reserve Bank of India (RBI) to sell dollars. The RBI’s intervention helped the rupee rise briefly on Friday.
Technical Analysis
The current level is 81.45.
In the daily chart, first support is placed at 81.09 ( upper Bollinger band). The break of 81.09 will take the pair towards 80.63 (7 day moving average).
No resistance in charts as this is all time high
In technical indicators, RSI is at 76.12 and is now overbought but showing an uptrend.
MACD is also very wide and is showing up move now.
Other currency
The pound fell to a 37-year low of $1.0765 on Monday, as investors fear that planned tax cuts will strain government finances to the breaking point.
The euro fell to a two-decade low of $0.9660 as fears of escalating conflict in Ukraine mounted, before settling at $0.9696.
The Japanese yen fell against the US dollar in early Asian trade, changing hands at 143.60.
The offshore Chinese yuan fell to 7.1475 to the dollar.
The South Korean won was trading at its weakest level since 2009, at 1,423 per dollar.
The dollar index rose 0.76% to 114, having previously reached 114.58 for the first time since May 2002.
Equity Insights
Indian Equity
The market is expected to open in the red, with the SGX Nifty indicating a gap-down opening for India’s broader index with a loss of 117 points.
The BSE Sensex fell 1,021 points to 58,099, while the Nifty50 fell 302 points to 17,327, forming a large bearish candle on the daily charts after forming a Doji-like pattern the previous session.
According to the pivot charts, the key support level for the Nifty is 17,070, followed by 17,000. If the index continues to rise, the key resistance levels to watch are 17,249 and 17,411.
According to preliminary data available on the NSE, foreign institutional investors (FIIs) net sold shares worth Rs 2,899.68 crore on September 23, while domestic institutional investors (DIIs) net bought shares worth Rs 299.10 crore.
Other Equity
Asia-Pacific stocks fell sharply on Monday as negative sentiment continued to weigh on markets.
The Nikkei 225 in Japan fell 1.97% in early trade, while the Topix fell 2%. South Korea’s Kospi fell 2.3%, while the Kosdaq fell 3.12%.
In Australia, the S&P/ASX 200 fell 1.94%. MSCI’s broadest index of Asia-Pacific stocks outside of Japan fell 1.19%.
Meanwhile, Hong Kong’s Hang Seng Index rose 0.38%, with the Hang Seng Tech Index outperforming the market by rising 2.45%. The Shanghai Composite gained 0.3% and the Shenzhen Component gained 1% in mainland China.
Commodity Insights
Oil
Oil prices rose modestly in early trade on Monday after falling to eight-month lows last week, weighed down by a strengthening US dollar and concerns that sharp interest rate hikes around the world would trigger a recession and reduce fuel demand.
Brent crude futures were up 17 cents, or 0.2%, at $86.32 per barrel , while WTI crude futures in the United States were up 21 cents, or 0.3%, at $78.95 per barrel. On Friday, both contracts fell by about 5%.
Economic Events
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Economic Calendar |
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Monday, Sep 26, 2022 |
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| Time | Country |
Event |
Forecast | Previous |
| 11:30 | EUR | German GDP (QoQ) (Q3) |
0.10% |
0.10% |
| 13:30 | EUR | German Ifo Business Climate Index (Sep) |
87 |
88.5 |
| 18:30 | EUR | ECB President Lagarde Speaks | ||
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
