Jul 09 2018

Rupee opens higher as unexpected slowdown in US wage growth drags Dollar index lower

Financial Market Overview

09th July, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee opened higher against the U.S. currency at 68.57, after an unexpected slowdown in wage growth in the world’s largest economy pulled the dollar index to near one-month lows. Pair USDINR now at 68.59 against the previous close of 68.8725.
  • We expect the pair to tip in range between 68.45-68.68 today.

Indian Equities:-

  • The benchmark indices opens higher following the strong Asian markets.
  • The Sensex is up 218.56 points or 0.61% at 35876.42, and the Nifty up 60.65 points or 0.56% at 10833.30.

Global Markets:-

  • Asian markets are Sharply higher today. The Shanghai  Composite gains 1.62%,  the Hang Seng advances 1.51% and the Australian’s ASX200 is trading higher by 0.20%..
  • European markets finished higher on Friday with shares in Germany leading the region. The DAX was up 0.26% while London’s FTSE 100 closed up 0.19% and France’s CAC 40 was up 0.18%.
  • US. equities marched higher after monthly jobs data. The Dow Jones Industrial Average  rose 99.74 points, or 0.41 percent, to 24,456.48, the S&P 500 gained 23.21 points, or 0.85 percent, to 2,759.82 and the Nasdaq Composite added 101.96 points, or 1.34 percent, to 7,688.39.
  • The dollar index edged lower at the beginning of the week, adding to its losses from Friday after June average hourly earnings rose by 0.2% from the prior month, slower than the 0.3% pace expected by economists, and unemployment rate climbed to 4% from 3.8% earlier. The U.S. economy added 213,000 jobs last month, the data showed, more than the 195,000 predicted by economists in a poll. U.S. equities rose Friday while 10-year Treasury yields edged lower..
  • The Korean won and the Chinese yuan led regional currencies higher on Monday. In equities, China and Hong Kong benchmark gauges were the top performers, climbing by 1.6% each.