Morning briefing: The US treasury yields have come down again

The DXY can rise towards 99 while Euro can dip towards 1.17/1.16. EURINR could rise to 108 while above 106.70. EURJPY can test 184 initially, a break above which is needed for a further rise to 186 while USDJPY has moved up well from 153.99 and can move to test near term resistance at 156. USDCNY has fallen and while it sustains below 6.90, a dip to 6.85 looks possible. The Aussie and Pound can rise towards 0.71 and 1.36 respectively. USDINR moved up yesterday to close at 90.8875. If it holds below 91, a dip back towards 90.50/30 can be possible else, a rise to 91.25/50 could come into the picture.

The US Treasury yields have come down again. They can fall more to test their supports in the coming days. The price action thereafter will need a watch for a reversal. The German Yields are coming down as expected. They have room to fall more. The 10Yr GoI has dipped but sustains well above its support. That keeps the bias positive to see more rise going forward.

Global equities remain mixed as the Dow plunged sharply on rising tariff threats and AI disruption fears and could slip further towards 48,500–48,000. DAX fell against expectations and may test 24,800 before resuming a rise towards 25,400–25,500. Nifty moved higher but needs to break 25,800 to head towards 26,000, otherwise a pullback to 25,400 is possible with a 26,000–25,400 range likely to hold. Nikkei is gradually slipping and can fall towards 57,000–56,500. Shanghai has opened strong after the holiday and may rise further towards 4,150–4,175 while holding above 4,050.

Brent and WTI are rising in line with expectations and can extend gains towards $74–$76 and $68–$70 respectively in the near term. Gold has moved above $5,100, tested $5,257, and remains poised for a further rise towards $5,300–$5,400. Silver continues to move higher and can target $90. Copper has strengthened above $5.80 and can advance towards $6.00–$6.20. Natural Gas has fallen sharply on warmer US weather forecasts and may decline further towards $2.8–$2.6 in the near term.