Euro gained marginally 0.26 percent against dollar - Geojit Financial Services
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Global Economy
Global equities logged heavy losses as a new variant found in South Africa triggered a wide shift away from risk assets. While the fresh worries of virus shaken the commodity prices as well.
US Dow Jones Industrial Average index dropped near around 2.00 percent last week while traditional Black Friday shopping day hit on weekend. US Treasury yields slid and crude oil hit two month lows. Major European stocks shed heavily on virus fears, where benchmark equity indices of Germany and France were the top losers by more than 5.00 percent.
The U.S. economy slowed to a modest annual rate of 2.1% in the July -September quarter according to the government’s second read of the data, slightly better than its first estimate.
Jerome Powell has been nominated for a second term as chair of the US Federal reserve by US president Joe Biden, maintaining consistency at the central bank as it grapples with the fastest inflation in three decades
Currencies
US dollar Index, a gauge of greenback, hit the highest level against a basket of major currencies in over a year on last week and eased to near 96 mark in previous week.
Euro gained marginally 0.26 percent against dollar after two weeks of consecutive fall . Chinese yuan closed on a flat note against US dollar, Japanese Yen inched more than half a percent against US Dollar.
Indian rupee was the one biggest loser by dropping 0.94 percent against US dollar last week and settled just above 75.
Copper
LME copper dropped near to 2.00 percent during the last week trading session, COMEX copper slipped near to 3.00 percent, while Shanghai copper gained near to 2.00 percent.
Meanwhile, October futures in MCX market second consecutive week loss near to 1.00 percent.
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