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World Markets
October 03, 2022
World Markets at a Glance for currency, equity, commodities, bonds, crypto currency, financial news & major economic events of October 03, 2022.
FX Insights
Indian Rupee
The Indian rupee is tipped to open weaker against the U.S. currency on Monday, as oil prices rose following a report that OPEC+ will consider cutting output at a meeting this week.
The rupee INR=IN is expected at around 81.70-81.75 per U.S. dollar in early trades, down from 81.34 in the previous session.
Technical Analysis
The current level is 81.69.
In the daily chart, first support is placed at 81.34 ( 7 day moving average). The break of 81.34 will take the pair towards 80.74 (18day moving average).
First resistance is 82.00 (Psychological level). If it breaks 82.00 we may see 82.16 which is upper bollinger band.
In technical indicators, RSI is at 72.77 and is now overbought but pointing an upmove
MACD is also very wide and Bollinger band is also very wide but still pointing upward movement
Other currency
On Monday, the Australian and New Zealand dollars gained ground ahead of expected rate hikes by their respective central banks later this week, while the dollar fell against a basket of currencies.
The Australian dollar was up 0.19% to $0.64230, moving away from a 2-1/2-year low of $0.63635 hit last week, while the New Zealand dollar was up 0.44% to $0.56280, also moving away from last week’s trough of $0.55645.
The Reserve Banks of Australia and New Zealand meet on Tuesday and Wednesday, respectively, with markets expecting both to raise their cash rates by 50 basis points, though the emphasis will also be on policymakers’ tone.
The British pound fell 0.19% to $1.1144, but it remained above its all-time low of $1.0327.
The euro rose 0.11% to $0.98105, boosted by expectations for another hefty European Central Bank rate hike later this month in response to a blistering inflation report.
According to data released on Friday, eurozone inflation surpassed forecasts to reach a new high of 10.0% in September.
Equity Insights
Indian Equity
The market is expected to open lower as trends in the SGX Nifty point to a negative start for India’s broader index with a loss of 190.50 points.
The 30-stock Sensex increased by 1,017 points, or 1.8 percent, to 57,427, while the Nifty advanced by 276 points, or 1.6 percent, to 17,094, well above its 200-day simple moving average (16,982) and forming a bullish engulfing pattern on the daily chart.
According to the pivot charts, the Nifty’s key support level is 16,832, followed by 16,570. If the index continues to rise, the key resistance levels to watch are 17,272 and 17,449.
According to preliminary NSE data, foreign institutional investors (FIIs) net sold shares worth Rs 1,565.31 crore on September 30, while domestic institutional investors (DIIs) net bought shares worth Rs 3,245.45 crore.
Other Equity
As markets enter the final quarter of the year, Asia-Pacific shares fell mostly on Monday.
The Hang Seng index in Hong Kong fell 0.8% in early trade. In Australia, the S&P/ASX 200 lost early gains and fell 0.4%.
The Nikkei 225 index in Japan fell more than 1% in early trade before recovering slightly and closing up 0.18%, while the Topix index was slightly lower.
MSCI’s broadest index of Asia-Pacific stocks outside of Japan fell 0.32%.
Commodity Insights
Oil
Oil prices rose more than 3% in early Asian trade on Monday, as OPEC+ considers cutting output by up to 1 million barrels per day at a meeting this week to help the market.
Brent crude futures rose $2.82, or 3.3%, to $87.96 per barrel after falling 0.6% the previous day. US West Texas Intermediate crude was trading at $82.09 per barrel, up $2.60, or 3.3%, from the previous session’s loss of 2.1%.
To support prices, the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, are considering a 0.5 million to 1 million bpd output cut ahead of Wednesday’s meeting.
Gold
Gold prices held above a key support level on Monday, as rising fears of an economic downturn fueled some safe-haven demand for the yellow metal.
Prices have also recovered slightly from a bruising September, when they fell 3%. With a 7.5% drop, gold prices had their worst quarter since March 2021.
Gold futures were flat around $1,672 an ounce, while spot gold rose 0.2% to $1,663.99 an ounce.
Economic Events
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Economic Calendar |
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Monday, Oct 03, 2022 |
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| Time | Country |
Event |
Forecast | Previous |
| 13:25 | EUR | German Manufacturing PMI (Sep) |
48.3 |
48.3 |
| 14:00 | GBP | Manufacturing PMI (Sep) |
48.5 |
48.5 |
| 19:30 | USD | ISM Manufacturing PMI (Sep) |
52.2 |
52.8 |
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
