Last Updated on: 09/08/2024
TODAY: Friday, 09th August, 2024
USD/INR:
MAJOR WORLD CURRENCIES:
USD:
Dollar is stable, and equity markets still tentative and all eyes continue to be on USDJPY. Even though Nikkei recovered almost all the Monday losses by yesterday, US markets failed to keep the momentum going and ended in the Red in overnight trading. While the risk aversion wave is averted for now, global recession concerns continue to lurk and markets are jittery about a sudden dip in global economic outlook.
Dollar Index is at 103.05, with EUR at 1.0925, GBP at 1.2685 and JPY at 146.20. USDJPY traded above 147 yesterday but gave up gains overnight. US 10y has recovered to 3.92% from the low of 3.75% as safe haven buying of US treasuries abated. US markets closed in the Red. DOW was down 0.6% while NASDAQ ended down 1%+. Indian equities traded higher by 1%+ yesterday but are set for muted open. In the commodity complex, Brent is now higher, at 78.6 per barrel, up from the low of 75.5 couple of days ago. Gold prices have fallen due to the surge in risk aversion and are yet to see meaningful retraction.
GBP/USD:
Friday will close out the trading week with a thin economic calendar on both sides of the Atlantic, and markets will be gearing up for fresh updates on inflation in both the UK and the US. The Pound Sterling took a beating after a recent quarter-point rate cut from the Bank of England (BoE), and markets are on the lookout for signs of further UK rate cuts and an initial rate trim from the US Federal Reserve (Fed) expected in September.
US Initial Jobless Claims for the week ended August 2 printed at 233K, less than the forecast 240K and easing back from the previous week’s 250K. Cooling initial unemployment figures are helping investors keep a lid on recent downturn fears after last week’s US labor data dump sparked a firm risk-off bid.
EUR/USD:
EUR/USD went nowhere fast on Thursday, testing the 1.0900 handle before wrapping up the day’s action close to where it started. Fiber flubbed a swing for the 1.1000 handle earlier this week, and momentum has drained out of the pair as investors continue to cool off after a surge of panic after last Friday’s misfire in US labor data.
Friday is set to wrap up the trading week with little of note on the economic data docket and investors pivoting once more to keeping an eye out for signs the Federal Reserve (Fed) will be pushed into a rate cutting cycle in the next six weeks.
Gold
Gold price climbed during the North American session on Thursday after solid data from the United States (US) underpinned the Greenback. Despite that, the precious metal brushed aside the strength of the US Dollar and the rise in US yields. At the time of writing, the XAU/USD trades at $2,419, up over 1.40%.
The US Bureau of Labor Statistics (BLS) released a solid jobs report, as the number of Americans applying for unemployment benefits dipped below estimates and last week's data, a tailwind for the Greenback.
USD/INR as on 08th August, 2024
Currency
OPEN
HIGH
LOW
CLOSE
USD/INR
83.9220
83.9900
83.9150
Forward premium (%) as on 08th August, 2024
Periods
1 Month
3 Month
6 Month
12 Month
Premium
1.09/1.13
1.91/1.05
1.28/1.32
2.05/2.06
USD/INR Cash/Tom/Spot Levels: (in Paisa)
(Updated as on 09th August, 2024, @ 09.00am)
Cash/Tom: 0.15/2.00 Cash/Spot:0.20/2.75
Tom/Spot: 0.05/0.75 Spot/Next: 0.05/0.50
Cash Date: 09.08.2024
Tom Date: 12.08.2024
Spot Date: 13.08.2024
Outlook for the day 09th August, 2024
Rupee expected to trade in range of 83.90-84.10.
MAJOR WORLD CURRENCIES: as on (08th August, 2024)
CURRENCY
GBP
1.2690
1.2752
1.2662
1.2747
EUR
1.0921
1.0944
1.0881
1.0918
AUD
0.6516
0.6593
0.6505
0.6592
JPY
146.65
147.53
145.42
147.28
CHF
0.8616
0.8674
0.8557
0.8664
XAU
2381.98
2427.64
2379.99
2426.35
Foreign Currencies
Updated: 17:30 hrs. (12:00 GMT) on 08th August, 2024
USD/INR: 83.9675 [FXIR]
Against
USD
INR
1 EUR =
1.0931
91.7849
1 GBP =
1.2696
106.6051
100 JPY =
147.07
57.0936
1 AUD =
0.6550
54.9987
1 CHF =
0.8575
97.9213
Precious Metals
Updated: 17:30 hrs. (12:00 GMT) as on 08th August, 2024
Gold ($/oz)
2392.85
Silver ($/oz)
2400.45
Stock Indices
Index Close
07th August, 2024
08th August, 2024
BSE Sensex
79468.01
78886.22
NSE Nifty
24297.50
24117
Dow Jones
38763.45
39446.49
NASDAQ
16195.81
16660.02
Major Economic Data Releases for the Day
Date
Region
Time (IST)
Description
09/08/24
CAD
06.00 PM
Employment Change
y/y
Unemployment Rate
BOJ Policy Rate
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