Another important trend, hugely significant from the market perspective, is the steady decline in the dollar Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 14 July 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Following the smaller-than-expected trend in consumer price index, the US producer price index also showed a smaller-than-expected trend yesterday with a marginal increase of only 0.1% YoY. This declining trend in inflation in the mother market of the US and the resilience of the US economy are the two pillars of support for global equity markets.
Another important trend, hugely significant from the market perspective, is the steady decline in the dollar. Dollar index is now below 100, which is the lowest level since 21st April 2022. This declining dollar is favourable for emerging markets and India being the most-favoured emerging market, the FPI flows are likely to sustain. However, DII selling is emerging as a countervailing force putting brakes on the rally. This explains the resistance which Nifty is facing at 19500.
India VIX has dipped below 11 indicating that there is no fear in the market despite record high index levels.
Above views are of the author and not of the website kindly read disclaimer
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