US
dollar index recovered sharply to 97.70 after the release of strong US jobs
report. US economy added nearly 255k jobs in November and unemployment rate
fell to 3.5%, fading any concerns of recession. Consequently, US 10 year bond
yield jumped to 1.84% and S&P 500 index to 3145. On the other hand, China
trade surplus fell to USD 274 Bn as exports fell by 1.1% and imports increased
by 0.3%. USD/CNH pair trading flat at 7.0320 ahead of possible tariff hike
deadline of 15 Dec.
On
domestic front, 10 year bond yield continued their upward journey amid worsening
fiscal deficit concerns. Domestic yield gains should be further supported by
spike in US treasuries. USDINR pair opened the session on strong note at 71.30
against previous close of 71.19. USDINR pair has support at 71.10-15 levels and
resistance at 71.44-48 levels. Range for day 71.10-71.40.
No comments:
Post a Comment