Dollar Index and Euro may trade within 105-107 and 1.06-1.05 in the near term. Aussie and Pound have bounced slightly but may soon resume downtrend by the end of this week. EURJPY is bearish while below 158. USDCNY can slowly inch higher towards 7.35. USDJPY can trade within 150-148 while USDRUB may trade within 95-101/102.50. EURINR and USDINR may continue trade within 88-87 and 83.10/15-83.30 for a few more sessions.
The US Treasury yields have to sustain above their immediate support to move up again and avoid more fall. The German yields have room to fall further from here before reversing higher again. The 10Yr and 5Yr GoI can bounce back in the coming days if they manage to sustain above their immediate support.
Dow Jones continues its struggle to breach 33900 decisively. DAX has come down sharply and looks vulnerable to test its immediate support. Nifty is bullish while above the support at 19600. Nikkei has fallen back failing to rise past 32500. Need to see if Nikkei holds above the support at 31500 or not. Shanghai has declined but the downside seems limited to 3050.
Crude prices rose sharply Last Friday due to the geopolitical tension between Israel-Hamas. There are concerns that the Israel-Hamas conflict may have an impact on the region’s oil production. Gold and Silver too have surged amid the geopolitical tensions but have key immediate resistance which may hold and produce a reversal from there. Copper has risen back a bit but could face rejections from 3.62/3.63. Natural gas can fall towards 3.10/3.00.
