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World Markets
September 27, 2022
World Markets at a Glance for currency, equity, commodities, bonds, crypto currency, financial news & major economic events of September 27, 2022.
FX Insights
Indian Rupee
Amid a surge in US bond yields and the US dollar index, the rupee fell to a new low of 81.62 against the greenback on Monday, after falling to an all-time low of 81.6526 earlier in the day.
Technical Analysis
The current level is 81.46.
In the daily chart, first support is placed at 81.39 ( upper Bollinger band). The break of 81.39 will take the pair towards 80.88 (7 day moving average).
No resistance in charts as this is all time high
In technical indicators, RSI is at 74.09 and is now overbought and stabilising.
MACD is also very wide and Bollinger band is also very wide. All these indicators suggest that we may see a reversal soon.
Other currency
In other forex markets, the Australian dollar fell to $0.6487, its lowest level since May 2020, while the Canadian dollar fell to C$1.3625 per greenback, its lowest level since July 2020. The euro also hit a new 20-year low of $0.9528 and was last down 0.5%.
According to Reuters data, China’s offshore yuan fell to a new low of 7.1630 per dollar, the weakest since May 2020.
British Pound held steady on Tuesday, but only because of soaring yields on British debt and the expectation of a response from policymakers or politicians, with its gyrations unnerving markets to the dollar’s benefit.
The pound fell to a record low of $1.0327 on Friday and Monday, as investors questioned Britain’s economic gamble of unfunded tax cuts to spur growth.
It has recovered to $1.0770, aided by the Bank of England’s promise to monitor markets and raise interest rates if necessary.
Equity Insights
Indian Equity
The market is expected to open flat, as trends in the SGX Nifty indicate a 37-point gain for the broader index in India.
The BSE Sensex closed Monday down 954 points at 57,145, while the Nifty50 fell 311 points to 17,016 and formed a bearish candlestick pattern on the daily charts.
According to the pivot charts, the Nifty’s key support level is 16,931, followed by 16,845. If the index continues to rise, the key resistance levels to watch are 17,149 and 17,282.
According to preliminary data available on the NSE, foreign institutional investors (FIIs) net sold shares worth Rs 5,101.30 crore on September 26, while domestic institutional investors (DIIs) net bought shares worth Rs 3,532.18 crore.
Other Equity
Following sharp drops on Monday, Asia-Pacific stocks were mixed on Tuesday.
The Nikkei 225 index in Japan increased by 0.68%, while the Topix index increased by 0.8%. In Australia, the S&P/ASX 200 increased by 0.23%.
The Kospi in South Korea lost 0.39% last week, while the Kosdaq gained 0.08%.
The Hang Seng index in Hong Kong fell 0.17%, while the Shanghai Composite in mainland China gained 0.33% and the Shenzhen Component gained 0.317%.
MSCI’s broadest index of Asia-Pacific stocks outside Japan fell 0.13%.
Major stock indexes in the United States fell overnight. The S&P 500 fell 1.03% to 3,655.04, setting a new 2022 closing low. After losing 329.60 points, or 1.11%, to 29,260.81, the Dow Jones Industrial Average entered a bear market. The Nasdaq Composite Index dropped 0.6% to 10,802.92.
Commodity Insights
Oil
Oil prices held steady in early Asian trade on Tuesday, tempered by signs that the producer alliance OPEC+ was attempting to avoid a price collapse, as well as a slight softening in the US dollar.
Brent crude futures were up 26 cents, or 0.3%, to $84.32 per barrel, while WTI crude futures in the United States were up 19 cents to $76.90 per barrel. Both benchmarks fell by about $2 a barrel on Monday, owing largely to the strength of the US dollar.
Economic Events
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Economic Calendar |
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Tuesday, Sep 27, 2022 |
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| Time | Country |
Event |
Forecast |
Previous |
| 17:00 | USD | Fed Chair Powell Speaks | ||
| 17:00 | EUR | ECB President Lagarde Speaks | ||
| 18:00 | USD | Core Durable Goods Orders (MoM) (Aug) |
0.20% |
0.20% |
| 19:30 | USD | New Home Sales (Aug) |
500K |
511K |
| 19:30 | USD | CB Consumer Confidence (Sep) |
104.5 |
103.2 |
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
