Indian rupee opened higher due to disappointing U.S. economic data

Indian rupee opened higher due to disappointing U.S. economic data

06 Aug 2018 10:05 AM
Myforexeye Research Report

Financial Market Overview

06th August, 2018

Morning Update:-                                                                             



  • The Indian rupee opened marginally higher at 68.57 per dollar on Monday versus 68.61 Friday. In the wake of disappointing U.S. economic data of last week and the pullback in 10-year Treasury yields from 3% levels, the rupee and other Asian currencies
  • The yuan lead Asian currencies higher on Monday after the People’s Bank of China took steps that made it more expensive for speculators to bet on a decline on the currency of Asia’s largest economy.
  • We expect the pair to trade in the range between 68.43-68.75 today.

Indian Equities:-

  • Equity benchmarks have clocked fresh record highs on Monday morning, with the Nifty hitting 11,400 for the first time, while the Sensex is also gained 200 points.
  • The Sensex is up 220.59 points at 37,776.75, and the Nifty up 57.30 points at 11418.10. About 818 shares have advanced, 177 shares declined, and 55 shares are unchanged.

Global Markets:-

  • Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.08% while the Hang Seng is up 1.17%. The Australian's ASX200 is up by 0.56%.
  • European markets closed broadly higher on Friday with shares in London leading the region. The FTSE 100 is up 1.10% while Germany's DAX is up 0.55% and France's CAC 40 is up 0.33%.
  • S. stocks closed on Friday as upbeat earnings helped investors shrug off heightened trade anxieties and weaker-than-expected July jobs growth. The S&P 500 and Nasdaq posted gains, while the Dow was essentially flat.
  • The Dow Jones Industrial Average rose 135.81 points, or 0.54 percent, to 25,461.97, the S&P 500 gained 13.09 points, or 0.46 percent, to 2,840.31 and the Nasdaq Composite added 9.33 points, or 0.12 percent, to 7,812.02.
  • S. job growth slowed more than expected in July likely due to companies' struggles to find qualified workers and the unemployment rate declined, pointing to tightening labor market conditions. Nonfarm payrolls increased by 157,000 jobs last month, the Labor Department said on Friday. The economy created 59,000 more jobs in May and June than previously reported. The economy needs to create about 120,000 jobs per month to keep up with growth in the working-age population. The unemployment rate fell one-tenth of a percentage point to 3.9 percent in July.
  • The rate of growth in the economy's service sector slowed in July, according to a report released on Friday.
  • The Institute of Supply Management said its non-manufacturing purchasing managers' index fell to 55.7 in July, from 59.1 the previous month. Economists had forecast a reading of 58.6.The Non-Manufacturing Business Activity Index decreased to 56.5 last month, 7.4 points below June’s reading of 63.9.




Date : Aug-2018