Monday, 3 September 2018

Good Morning!

President Donald Trump issued a new threat to terminate NAFTA agreement altogether, he also warned Congress not to intervene in tough negotiations that may or may not include Canada in a new accord. In another news Prime Minister Theresa May said she would not allow compromises to her Brexit strategy that went against the national interest, seeking to allay fears among some in her Conservative Party that she will cave into Brussels’ demands in negotiations. The EU chief Brexit negotiator Michel Barnier has said he is strongly opposed to key parts of Theresa May’s proposals for a future trade deal. European markets were pulled down by more than a percent followed by comments of policymakers over Brexit negotiations. Crude prices trading marginally lower amid rising supply from OPEC and US, but holding to its previous gains supported by the expectations of falling Iranian output once US sanctions bite output from November. Asian Equities were seen trading lower and SGX Nifty is indicating a positive start in the local bourses. Indian Rupee is likely to open near 70.80 a dollar and is likely to trade between 70.50 to 71.00 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.