Morning briefing: The US treasury yields have come-off across tenors

Vikram Murarka Kshitij Consultancy Services

Dollar Index can fall to crucial support at 102 before bouncing higher from there while Euro can rise to 1.07 before coming down. EURJPY and USDJPY look bearish towards 137 and 130 respectively while Aussie and Pound may rise while above 0.6650 and 1.21. USDCNY looks ranged within the broad 6.94-7.00 while USDRUB has declined from 72.422 but may re-attempt to test 72-74 while above 66-68. USDINR needs to break above 82.50-82.85 region to head higher towards 83.00-83.25-83.50. Watch price action near the upper end of the mentioned range. EURINR looks bullish towards 88.50-89.

The US Treasury yields have come-off across tenors. Supports are there near current levels which have to hold in order to keep the chances alive of seeing a further rise. The price action in the next few sessions will need a close watch. The German yields are holding higher. The view remains bullish, and the yields can continue to move up. The 10Yr and the 5Yr GoI are not gaining momentum and are looking vulnerable to dip again.

Dow has risen sharply above 33000 thereby easing the downside pressure. DAX has risen but needs to surpass the 14200 resistance zone to target further upside. Nikkei and Nifty have crucial support at 26000 and 18100-18000 respectively which is expected to limit the downside. Shanghai is managing to hold above the support at 3075-3065.

Brent and WTI have risen above the key resistance at $81.50 (Brent) and $77.5 (WTI) respectively and looks bullish for a further rise in the near term. Gold and Silver have scope to target crucial resistance at 1850 and 25.00-25.50 respectively in the coming sessions. Copper has scope to rise towards 3.90/3.93.

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Author

Vikram Murarka

Kshitij Consultancy Services

Vikram has been forecasting, trading and hedging currencies since 1991. Beginning his career as a currency trader in Essar Group, he was managing an FX exposure of $1.2 bln.

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