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Some recovery is seen in the currency pairs from the movements seen last week. Dollar Index has moved up well above 102 and could test 103-103.50 before coming off while Euro can test 1.0850-1.08. EURJPY looks sable within 158-154 while USDJPY can continue to trade above 141. Aussie and Pound have dipped slightly but Aussie keeps some hope alive to see an upmove from here soon. USDCNY could rise towards 7.15/16 while above 7.10. USDRUB could test 91. Rupee saw some strength on Friday but could move back towards 83.10/15 while above support region of 82.93-83.00 holds on USDINR. EURINR has scope to fall to 90-89.
The US Treasury yields have dipped further. Outlook is bearish to see more fall from here. The German yields have come down to their key supports much faster than expected. Need to see if they can bounce-back from here or not. The 10Yr and 5Yr GoI have declined further. Outlook is bearish to see more fall.
Dow Jones remain bullish to target news highs. DAX is consolidating in a narrow range but broader outlook is bullish to see a break on the upside. Nifty has scope to test its resistance. Need to see if it falls back from there or continues to rise further. Shanghai has scope to rise while above the support at 2925. Nikkei is bearish while it remains below the resistance at 33100-33500.
Crude prices remain bullish for a rise towards their resistance in the near term. Gold and Silver have fallen back and can fall further if they stays below 2060 and 24.50 respectively. Copper needs to surpass 3.90-3.92 to strengthen the bullish momentum; else can be range bound for some time. Natural Gas continues to rise and has scope to test its key resistance.
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