Thursday, 6 September 2018

Good Morning!

Anxiety about a major escalation in the US-China trade conflict and the turmoil in emerging markets have led to a fragile investor confidence in global equities as well as in Asia where the stocks are down for the sixth straight day today. Nasdaq dipped for more than a percent as Facebook & Twitter executives defended their companies before skeptical U.S. lawmakers.
Oil Prices inch lower after API reports a minor draw of 1.17 million barrels of inventory for the week ending September 1.
The dollar index moved lower after a sharp bounce in Pound as news of UK and Germany were prepared to drop key Brexit demands. Albeit, news driven volatility pulled the dollar lower, the dollar index is likely to stay tall.
The Indian Unit hit 72 a dollar but quickly retreated after a suspected RBI intervention and mild profit booking at psychological level. Rupee is expected to play the 71.40-71.80 range for the day.

Karvy Forex

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Volume and Open Interest suggesting an accumulation in USDINR

USDINR futures prices were seen consolidating while  volumes  and OI were seen increasing suggesting accumulation.