Globally,
Equity markets witnessed huge volatility after yet another miscommunication on
US-China trade deal. Markets stabilized after Trumps tweet – “The China Trade
Deal is fully intact. Hopefully they will continue to live up to the terms of
the Agreement!” US dollar traded with weakening bias as EUR/USD
rebounded to 1.1263. The gains in EUR/USD were further supported by a slight
improvement in consumer confidence. Going forward, Euro will take further cues
from flash PMI data, due to release later during the day.
On
domestic front, 10 year benchmark bond yield spiked to 5.89 largely on supply
concerns. Nifty index is trading flat near 10350 levels. Partially convertible
rupee witness mild gains against US dollar amid broader dollar weakness. USDINR
pair is trading nearly 20 paisa lower at 75.85. USDINR pair has immediate
support at 75.70 and immediate resistance at 76.10.
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