Rupee higher as U.S wage growth slows

Rupee higher as U.S wage growth slows

12 Mar 2018 09:56 AM
Myforexeye Research Report

Financial Market Overview

12th March, 2018

Morning Coffee:-                                                                                  



  • Indian rupee opens higher against the dollar as U.S. wage growth slowed in February, allaying fears of a quicker pace of rate increases by the Federal Reserve. Pair USDINR now at 64.97 against 65.17 previous close.
  • India’s retail inflation data is due after market close today. According to economists poll, inflation is expected at 4.8% in February, down from 5.07% in the previous month.
  • Pair to tip in range between 64.85-65.05.

Indian Equities:-

  • Benchmark indices opened the first day of the week on a strong note, following positive lead from Asian peers and Wall Street after better-than-expected US jobs data.
  • The 30-share BSE Sensex was up 279.23 points at 33,586.37 and the 50-share NSE Nifty gained 88.10 points at 10,315.

Global Markets:-

  • Asian markets are higher today. The Hong Kong Hang Seng is up 1.55% Australian ASX200 is up 0.78% and the Shanghai Composite is higher by 0.52%.
  • European markets finished mixed as of the most recent closing prices on Friday. The CAC 40 gained 0.39% and the FTSE 100 rose 0.30%. The DAX lost 0.07%.
  • To celebrate the bull market's ninth birthday on Friday, the three major U.S. stock indexes ended up more than 1 percent, with the Nasdaq hitting a record high, as February's jobs report assuaged fears of inflation and aggressive interest rate hikes. The Dow Jones Industrial Average rose 440.46 points, or 1.77 percent, to 25,335.67, the S&P 500 gained 47.53 points, or 1.74 percent, to 2,786.5 and the Nasdaq Composite added 132.86 points, or 1.79 percent, to 7,560.81.
  • The dollar index edged lower on Friday after a choppy session as data showed the U.S. economy added more number of jobs than was expected, but average hourly earnings rose less than projections. The world’s largest economy created 313,000 jobs in February, beating expectations of 200,000 additions predicted by economists in a poll. Wage growth, however, slowed to 2.6% from a year earlier from the downwardly revised 2.8% in January. Traders were closely watching the wage growth data as January’s numbers had raised fears of inflation picking up.

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