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Dollar Index could continue to trade within 102-103 while Euro is headed towards 1.09 and should bounce back to head higher towards 1.10 as we have been expecting over the last few days. EURJPY and USDJPY have bounced back well yesterday and if the rise continues, we may soon see 159-160 and 145-146 soon in the next few sessions. This has been contrary to our earlier expected fall. USDCNY has been rising slowly and could test 7.20/22 on a break above 7.18. Aussie could be trading within 0.6650-0.6750 for the next few sessions while Pound has fallen and needs to remain above 1.26 to move back to higher level within the 1.26-1.28 range. USDRUB has broken below 90 and could now test 89-88.50 before again bouncing back to higher levels. USDINR can rise towards 83.20/30 again while above 83-82.90. EURINR can be ranged for a while.
The US Treasury yields sustain higher but stable. There is room to rise further from here before the broader downtrend resumes. The US CPI data release tomorrow is important to watch. The German yields are moving up in line with our expectation. More rise is on the cards before a reversal is seen. The 10Yr GoI is coming down as expected and keeps intact our bearish view. The 5Yr GoI is coming close to the lower end of its range. Bias is bearish to see a downside breakout of this range eventually.
Dow Jones and Nifty are stuck in a narrow range. DAX has dipped and failure to sustain above 16600 will be vulnerable to fall further. Nikkei has broken above its upper end of the range and can head towards its immediate resistance. Shanghai has scope to rise as long as it holds above 2865.
Crude prices are likely to remain ranged for the near term. Gold and Silver look vulnerable while below the resistance at 2060 and 23.50 respectively. Copper can rise towards its immediate resistance while above 3.75. Natural Gas can come down towards 3.0.
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