In the latest assessment of global financial markets, the Dollar Index is currently holding steady below the 102 mark, with potential for a brief uptick to 102-102.50. Meanwhile, the Euro faces a potential decline to the range of 1.0950-1.09. Bearish sentiments surround EURJPY and USDJPY, projecting towards 155/154 and 140-138, respectively, with the possibility of a bounce back from these levels.
The USDCNY is anticipated to trade within 7.0875-7.15 in the near term, while both the Australian Dollar and the British Pound exhibit bearish trends, suggesting a dip towards 0.6750 and 1.26, respectively. USDRUB may attempt to rise to 92 from its current position above 88, and USDINR is expected to fluctuate within the range of 83.10-83.30 in the next few sessions. Conversely, EURINR has experienced a sharp decline and could further dip to 91.50-91.00 before a potential reversal in the medium term.
The US Treasury and German yields are both on an upward trajectory, aligning with earlier predictions of a corrective rise. Despite the ongoing consolidation within their downtrend, the 10Yr and 5Yr Government of India (GoI) bonds maintain a negative bias, hinting at a potential resumption of the fall in the coming days.
Major global indices, such as Dow Jones and Nifty, face critical resistances in the near term that may be tested before a corrective downturn. DAX, on the other hand, remains range-bound, while the Shanghai index is poised to challenge its immediate resistance, potentially leading to a temporary pause.
In the commodities market, crude prices have experienced a rebound but need to surpass resistance levels to alleviate downward pressure. Gold, Silver, and Copper all have room to test immediate support before a potential rebound. Natural Gas, breaking out of its sideways range on the upside, signals a bullish trend with the potential for further upward movement.
