daily forex report
Apr 18 2018

Rupee edges lower as upbeat housing and industrial output data lifted US Dollar

Financial Market Overview

18th April, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • The Indian rupee edges lower against the dollar today as better-than-expected housing and industrial output data lifted the U.S. currency from three-week lows. Pair USDINR now at 65.75 against 65.64 previous close.
  • Pair to tip in range between 65.55-65.89.

Indian Equities:-

  • Benchmark indices opened higher on Wednesday, following positive lead from global stocks.
  • The 30-share BSE Sensex was up 105.17 points at 34,500.23 and the 50-share NSE Nifty rose 23.50 points to 10,572.20.

Global Markets:-

  • Asian markets are mixed today. The Shanghai Composite is down 0.49%  while the Hong Kong’s Hang Seng gains 0.21% and the Australian ASX200 is trading higher by 0.29%.
  • European markets finished broadly higher yesterday with shares in Germany leading the region. The DAX is up 1.57% while France’s CAC 40 is up 0.76% and London’s FTSE 100 is up 0.39%.
  • US. stock indexes rallied on Tuesday on broad-based gains while Netflix and UnitedHealth earnings impressed investors and boosted optimism about the U.S. corporate reporting season. The Dow Jones Industrial Average rose 213.59 points, or 0.87 percent, to 24,786.63, the S&P 500 gained 28.54 points, or 1.07 percent, to 2,706.38 and the Nasdaq Composite added 124.81 points, or 1.74 percent, to 7,281.10.
  • The dollar index edged higher in the previous session, buoyed by robust March U.S. housing starts and industrial output. The housing starts increased 1.9% and industrial production rose 0.5% last month. The data lifted the two-year Treasury yield to fresh ten-year highs.
  • Regional risk appetite received a boost from a surprise cut in the bank reserve requirement by China’s central bank. Following the close of Asian markets yesterday, the People’s Bank of China said reserve requirement ratios for most banks will be reduced by 100 basis points.
  • Japan’s exports rose 2.1 percent in March from a year earlier, Ministry of Finance data showed on Wednesday, due to a rebound in shipments to China. Imports fell 0.6 percent in the year to March, versus the median estimate of a 5.4 percent increase. The trade balance came to a surplus of 797.3 billion yen ($7.45 billion), versus the median estimate of a 498.3 billion yen surplus.