Good Morning!

The Markets see a corrective movement after the sharp volatility that seeped in after the US CPI data released earlier this week. The Dollar Index holds above 104 and can test 105-105.50 while Euro has fallen from 1.09 and could test 1.08/1.0750 soon. EURJPY continues to remain bullish towards 165/166. USDJPY holds above 150 and could trade within 152-150 for some time. Aussie could trade within 0.6350-0.6550. The pound fall towards 1.23 while below 1.2550. USDCNY can rise back towards 7.30 while above 7.22. USDRUB has bounced well from 88 and could have scope to see a slow rise towards 93/94 soon. EURINR has dipped slightly and can test 89.50 while below 91. USDINR can rise towards the 83.20/30 zone again.

The US Treasury yields have bounced back. The downside from here is limited. We can expect the yields to remain above their supports. Overall, the Treasury yields can remain in a broad range for some time. The German yields have also bounced back. But one more leg of fall is likely to be seen before a sustained rise happens. The 10Yr GoI is coming down as expected. The 5Yr has broken its crucial supports and looks vulnerable to fall more.

Dow Jones, DAX and Nifty looks bullish for the near term. Nikkei has fallen back as the resistance at 33500 has held well. Shanghai has declined towards 3050 but downside could be limited to 3025.

Brent and WTI continues to dip and have scope to revisit their immediate support in the near term. Gold has declined after facing rejection from 1980. Whereas Silver and Copper have risen further and looks bullish to rise towards their immediate resistance. Natural Gas looks range bound within 3.3-2.9.


Visit KSHITIJ official site to download the full analysis

The above views are based on the latest available information. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. While the views are proffered with the best of intentions, neither the author, nor the firm are liable for any losses that may occur as a result of any action based on the above. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD struggles to recover above 1.0900 as markets remain cautious

EUR/USD struggles to recover above 1.0900 as markets remain cautious

EUR/USD stays on the back foot and trades below 1.0900 following Thursday's sharp decline. Dovish comments from European Central Bank officials and the risk-averse market atmosphere make it difficult for the pair to stage a rebound on Friday.

EUR/USD News

GBP/USD falls toward 1.2900, looks to post weekly losses

GBP/USD falls toward 1.2900, looks to post weekly losses

GBP/USD continues to push lower toward 1.2900 in the American session on Friday. Disappointing Retail Sales data from the UK, combined with the US Dollar (USD) recovery amid souring mood, causes the pair to stay under bearish pressure ahead of the weekend.

GBP/USD News

Gold extends daily slide, trades near $2,400

Gold extends daily slide, trades near $2,400

Gold's correction from the record-high set earlier in the week deepens on Friday. With the US Dollar (USD) benefiting from safe-haven flows and the 10-year US yield holding steady above 4.2%, XAU/USD tests $2,400 and looks to post small weekly losses

Gold News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

Read more

Week ahead – Flash PMIs, US GDP and BoC decision on tap

Week ahead – Flash PMIs, US GDP and BoC decision on tap

US data awaited amid overly dovish Fed rate cut bets. July PMIs to reveal how economies entered H2. BoC decides on monetary policy, may cut rates again.

Read more

Majors

Cryptocurrencies

Signatures