Tuesday, 4 December 2018

Good Morning!

After the US-China 90 day truce, the US equity indices yesterday rallied but again this ceasefire gives a way to doubts on whether the two countries are able to resolve their differences before the 90-day deadline; resulting into a fall in Asian shares early today.
The data release highlighting weakness in the Eurozone economy was the 3Q GDP reading for Italy that came in below expectations. This contraction marks the first quarterly contraction in 14 quarters.
Oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output.
The Dollar index is steady but is somehow not able to sustain and move above the 97 handle.
The Indian Unit is seen opening around 70.50 and is likely to hold itself above the 70 mark today.

Karvy Forex

Volume and Open Interest suggesting an accumulation in USDINR

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