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Dollar Index is holding above 102 while Euro could rise towards 1.10 or higher while above 1.0870-1.09. EURJPY and USDJPY have declined from immediate resistances of 160 and 146 respectively. USDCNY has sipped and could now be headed towards 7.10/12. Aussie could head towards 0.6750 or higher while Pound could rise towards 1.28 or higher in the near term. USDRUB could test 89-88 before moving higher. EURINR could be headed towards 91.50. USDINR needs to rise from 82.90 to rise towards 83.20. Release of US CPI data would be crucial to watch today.
The US Treasury yields have inched up slightly. We retain our view of seeing more rise from here before the overall downtrend resumes. The US CPI data release today will be important to watch. The German yields continue to move up as expected. There is room to rise more from here before reversing lower again. The 10Yr GoI continues to move down as expected. Bearish view is intact, and the yield can fall more. The 5Yr GoI is nearing the lower end of its range. We expect the range to break on the downside and the yield to fall more.
Dow Jones is moving up within its sideways range. A break on the upside, if seen, can target key resistance at 38000-38200. DAX lacks a strong follow through rise. This keeps alive the danger of breaking below its support of 16600-16500. Nikkei continues to move up breaking above its resistance and is bullish toward 36000. Shanghai is inching lower and looks vulnerable to break below its immediate support and fall further in the near term.
Crude prices remain range bound. Gold and Silver remain vulnerable to fall while below the resistance at 2060 and 23.50/23.80 respectively. Copper is heading up towards its immediate resistance. There is scope for a break above the resistance while copper stays above 3.75. Natural Gas has declined as expected and has room to fall further to 2.8-2.75. Key focus is on the release of US CPI data today.
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