Rupee Opened Lower Before Fed Powell's Speech

Rupee Opened Lower Before Fed Powell's Speech

24 Aug 2018 09:37 AM
Myforexeye Research Report


Financial Market Overview

24th August, 2018


  • The Indian rupee opened lower by 8 paise at 70.19 per dollar against the dollar compared with the previous close of 70.11.The dollar index before Federal Reserve Chair Jerome Powell’s speech. Weaker Asian currencies, led by the Chinese yuan, after trade talks between the U.S. and China reportedly ended without any major progress is also likely to hurt the rupee.

  • We Expect the pair to trade in the range between 69.93 to 70.35


Indian Equities:-

  • Equities have begun the last trading session for the week on a sombre note, with the Nifty hovering around 11,550. The Sensex is trading flat.  All sectoral indices are trading in the red, with maximum cuts visible in banks, FMCG, and metals, among others. Among broader markets, midcaps, too have taken a hit, down about a quarter of a percent. 
  • The Sensex is down 28.95 points or 0.08% at 38307.81, and the Nifty down 20.90 points or 0.18% at 11561.90. The market breadth is positive as 346 shares advanced, against a decline of 187 shares, while 48 shares were unchanged.


Global Markets:-

  • Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.35% while the Hang Seng is down 0.66%. The Shanghai Composite is off 0.50%
  • The Australian's ASX200 is little positive today by 15 points and 0.23% up.
  • European markets finished mixed as of their recent closing prices. The CAC 40 gained 0.22% while the FTSE 100 was higher by 0.11%. The DAX was even.
  • Wall Street's closed with major indexes fall on Thursday as trade-sensitive stocks were hit by a new round of tariffs in the trade dispute between the United States and China.
  • The Dow Jones Industrial Average fell 76.21 points, or 0.3 percent, to 25,657.39, the S&P 500 lost 4.78 points, or 0.17 percent, to 2,857.04 and the Nasdaq Composite dropped 10.64 points, or 0.13 percent, to 7,878.46.
  • The U.S. Treasury Department on Thursday sold $14 billion of five-year Treasury Inflation Protected Securities at a yield of 0.724 percent, the highest yield since October 2009, Treasury data showed.Sales of new U.S. single-family homes unexpectedly fell in July to a nine-month low in a sign the housing market was cooling and could give less support to the overall economy.
  • The Commerce Department said on Thursday new home sales decreased 1.7 percent to a seasonally adjusted annual rate of 627,000 units last month, the lowest level since October 2017. June's sales pace was revised up to 638,000 units from the previously reported 631,000 units.
  • The dollar index, yesterday, ended a losing run that began last Wednesday ahead of Powell’s speech at Fed’s annual policy symposium in Jackson Hole, Wyoming, later today. The Fed Chair’s speech comes amid increasing criticism by the U.S. President of the monetary authority’s policy tightening. The U.S. central bank had already raised interest rates two times this year and minutes of its latest meeting, released earlier this week, indicated that the Fed remains on course for a third increase next month.



Date : Aug-2018

All rights reserved. Myforexeye Fintech Private Limited (MFPL) news content received through this service is the intellectual property of Myforexeye Fintech Private Limited (MFPL). 
Republication or redistribution of content provided by Myforexeye Fintech Pvt Ltd is expressly prohibited without the prior written consent of Myforexeye Fintech Private Limited (MFPL), except for personal and non-commercial use. Myforexeye Fintech Private Limited (MFPL) shall not be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.