Morning briefing: The DXY and EUR/USD are stuck within 98.00-97.00 and 1.1750-1.1850

The DXY & EUR/USD are stuck within 98-97 & 1.1750-1.1850 region respectively. EURINR has a scope to rise towards 107.50-108.00 while it remains above 107. EURJPY has declined from the high of 186.23. There is room in the charts for the pair to extend the rise towards 187.50 as well while it remains above 182.50. USDJPY can move within 158-156 range for now. USDCNY can drift toward 6.90-6.85 levels. The Aussie may trade within 0.69-0.71 region. Pound need to break past 1.365 to bring higher levels into picture. USDINR can remain ranged within 90-91 region for now.

The US Treasury yields have risen back from their lows. Failure to sustain this bounce can drag them down in the near term. The German Yields remain lower and stable. They have room to fall further from here. The 10Yr GoI has risen back sharply after the RBI meeting on Friday. The RBI kept the repo rates unchanged at 5.25%. The rise back move has happened much faster than expected and it keeps intact our broader bullish view. More rise is on the cards.

The Dow has recovered the sell off in tech shares seen last week. A break above 50500 can take it towards 52000. The Dax has also moved up from support near 24400. Now a break past 25000 would be further bullish for the medium term. Nifty is holding above 25600 but needs a break past 26000 for a further rally in the medium term. Nikkei has rallied after Prime Minister Sanae Takaichi won a landmark election victory. While the rally continues, 58000 could be the next target. Shanghai is rising towards 4100-4200 as expected.

Brent and WTI remain range bound below $70 and $66, with Brent holding $70–$65 and WTI $66–$61. Gold and Silver have bounced sharply from recent lows. Gold needs a break above $5100 to move towards $5300–$5500, while Silver can extend the rise towards $90–$95. Copper has bounced back, though a sustained move above $6.00 is needed for further upside. Natural Gas has fallen, but support near $3.10 can limit the fall and allow a bounce towards $3.50.