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September 30, 2022
World Markets at a Glance for currency, equity, commodities, bonds, crypto currency, financial news & major economic events of September 30, 2022.
The Indian rupee is expected to open higher against the US dollar on Friday, after the country reported a lower-than-expected June quarter current account deficit.
Traders believe that the dollar index’s retreat from multi-year highs will provide an additional boost to the rupee.
The rupee is expected to open at around 81.65-81.70 per dollar, up from 81.86 the previous day.
The current level is 81.59.
In the daily chart, first support is placed at 81.26 ( 7 day moving average). The break of 81.26 will take the pair towards 80.64 (18day moving average).
First resistance is 81.85 (yesterday close). If it breaks 81.85 we may see 82.00 where Reserve bank is seen selling dollars and also upper bo;;inger band.
In technical indicators, RSI is at 72.30 and is now overbought.
MACD is also very wide and Bollinger band is also very wide.
Sterling rose to a new one-week high on Friday, helping to push the US dollar index to a one-week low as British policymakers sought to undo some of the damage done by last week’s tax-cutting, debt-inflating fiscal plan.
This puts the pound on track for its best week in two and a half years.
The euro also reached a one-week high after a heated German inflation reading reinforced expectations for the European Central Bank to take more aggressive policy action.
The British pound hit $1.1222 early in the Asian session, nearly erasing all of the precipitous losses that followed the new government’s so-called mini-budget last Friday. Despite hitting a record low of $1.0327 on Monday, it was last up 0.41% at $1.11645, bringing its weekly gain to 2.87%.
The euro was slightly higher on Friday at $0.9821, having previously risen to 0.9844, its highest level in a week.
The dollar index, which compares the US currency to the euro, sterling, and four other major currencies, rose 0.09% to 111.91, but remained close to a one-week low of 111.64 set overnight.
The market is expected to open in the red, with the SGX Nifty indicating an 87-point loss for the broader index in India.
Yesterday, the BSE Sensex fell 188 points to 56,410, while the Nifty50 dropped 40 points to 16,818 and formed a bearish candle on the daily charts.
According to the pivot charts, the Nifty’s key support level is 16,729, followed by 16,640. If the index continues to rise, the key resistance levels to watch are 16,967 and 17,115.
According to preliminary data available on the NSE, foreign institutional investors (FIIs) net sold shares worth Rs 3,599.42 crore on September 29, while domestic institutional investors (DIIs) net bought shares worth Rs 3,161.73 crore.
On Friday, the final day of the third quarter, Asian stocks were mixed, following another sell-off on Wall Street overnight. China’s official factory activity data unexpectedly increased in August, exceeding expectations.
Hong Kong’s Hang Seng index rose 0.48% in early trade. The Shanghai Composite gained 0.16% in early trade, while the Shenzhen Component was slightly higher.
In Japan, the Nikkei 225 index fell 1.54%, while the Topix index fell 1.18%. Australia’s S&P/ASX 200 fell 0.47%.
The South Korean Kospi fell 0.33%, while the Kosdaq fell 0.16%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose slightly.
The S&P 500 hit a new low for the year and also set a new closing low in the United States on Thursday. The index fell 2.1% to 3,640.47 at the end of the session. The Dow Jones Industrial Average, meanwhile, fell 458.13 points, or 1.54%, to 29,225.61. The Nasdaq Composite fell 2.84% to 10,737.51.
Oil prices were little changed in early trade on Friday, but they were on track for their first weekly gain in five weeks, supported by a weaker US dollar and the prospect that OPEC+ will agree to cut crude output when it meets on October 5.
U.S. WTI crude futures for November delivery rose 6 cents to $81.29 per barrel after falling 92 cents the previous session.
Brent crude futures for November, which expire on Friday, rose 2 cents to $88.51 a barrel after falling 83 cents the day before. The more actively traded December contract rose 1 cent to $87.19.
After hitting nine-month lows earlier in the week, Brent and WTI are on track to rise by about 3% this week, their first weekly rise since August.
Brent is expected to fall by 8% in September, marking a fourth month of decline. Brent fell 23% in the third quarter, its first quarterly loss since the fourth quarter of 2021.
WTI is expected to fall by 9% in September, its fourth monthly decline, and by 23% in the quarter, the first quarterly decline since the period ending in March 2020, when COVID-19 slammed demand.
Gold prices rose slightly on Friday as dollar pressure eased further, but the yellow metal was set for a sixth straight month of losses as rising interest rates dampened the outlook.
Bullion prices were set to fall nearly 3% in September as a result of a series of hawkish moves and commentary by the United States. The Federal Reserve System. A surge in the dollar, which reached 20-year highs earlier this month, weighed on gold.
Gold spot prices rose 0.1% to $1,662.86 per ounce, while gold futures rose 0.2% to $1,671.20 per ounce. This week, gold prices were expected to rise 1.2%.
Friday, Sep 30, 2022
|10:00||INR||Interest Rate Decision||5.90%||5.40%|
|11:30||GBP||GDP (QoQ) (Q2)||-0.10%||0.80%|
|11:30||GBP||GDP (YoY) (Q2)||2.90%||8.70%|
|13:25||EUR||German Unemployment Change (Sep)||20K||28K|
|14:30||EUR||CPI (YoY) (Sep)||9.70%||9.10%|
|18:00||USD||Core PCE Price Index (MoM) (Aug)||0.50%||0.10%|
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.