Copper prices steadied after a sharp fall earlier this week amid concerns the market had moved ahead of fundamentals - HDFC Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Market Roundup
* The Indian rupee is expected to open slightly lower following weaker peers. The local market remained closed on Thursday on account of Buddha Purnima. On Wednesday, spot USDINR fell 3 paise to 83.28. Technical set-up remains neutral to bearish for spot USDINR with higher side resistance at 83.45 and support at 83.15.
* Asian currencies consolidate against the dollar in the morning session. Still, they may be weighed by reduced bets for Fed rate cuts that would support the U.S. economy and appetite for risky assets
Forex:
* The greenback rose for a fourth day, tracking broadly higher Treasury yields after a PMI report showed a US economy expanding faster than expected with price gauges rising. US 10-year Treasury yields rise five points to 4.47%; 2-year climbs six basis points to 4.93%
* The S&P Global flash PMI showed U.S. business activity picking up the most in two years. U.S. new home sales fell 4.70% MoM and 7.70% YoY, with March sales also revised significantly lower.
* Japan’s ex-fresh food inflation slowed to 2.2% in April, as expected. The gauge stayed at or above BOJ’s price target of 2% for the 25th month.
Equities:
* US stocks and bonds fell on Thursday after surprisingly upbeat economic data caused traders to reduce bets that the Federal Reserve will cut rates this year. Rate-sensitive real estate and utility companies were the biggest casualties as the S&P 500 had its worst day in May. The S&P 500 traded below psychological support of 5,300.
Commodities:
* Stronger-than-expected economic data weighed on hopes of a rate cut. This led to weaker sentiment across the commodity complex. Oil traded near the lowest level in over three months as the market flashed signs of weakness ahead of the US summer driving season.
* Copper prices steadied after a sharp fall earlier this week amid concerns the market had moved ahead of fundamentals.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
