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Commodities FXWatch

CommoditiesFXWatch

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sinsid76
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7 views

Commodities FXWatch

CommoditiesFXWatch

Uploaded by

sinsid76
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Commodities & FX Watch

COMMODITIES FX
This week in commodities saw mixed movement across sectors, with This week in the foreign exchange market was dominated by the
some impacted by ongoing global factors and others influenced by hawkish stance of the Federal Reserve. The US Dollar rose across the
specific events. board, gaining ground against major currencies like the Euro (EUR), the
Japanese Yen (JPY), and the British Pound (GBP). This strength
Oil prices fluctuated throughout the week only to dip lower. Early
stemmed from expectations of higher US interest rates, making dollar-
concerns supply disruptions due to ongoing geopolitical tensions were
denominated assets more attractive to investors seeking higher returns.
countered by slowing Chinese demand prices ended the week lower.
The Euro weakened against the USD due to the diverging monetary
The hawkish stance of the Federal Reserve, signaling potential delay in policies between the Fed and the European Central Bank (ECB). The
interest rate cut, strengthened the US dollar and put downward ECB remains dovish, keeping interest rates low amidst concerns about
pressure on base metals like copper and nickel. Gold & Silver prices also slowing growth in the Eurozone. The Japanese Yen depreciated against
corrected, eroding most of the gains they made in the previous weeks the USD as the Bank of Japan (BOJ) continues its ultra-loose monetary
Coffee corrected on speculation of a potential increase in supply from policy stance.
Brazil.

Rally in the USDINR May future stalled near 83.50,


Negative follow through action below 70,200-70,300 zone Moderately
Gold June Bearish USD INR decline thereafter indicates influence of hurdle at play.
could lead to sharp breakdown till 69,200 levels. negative
Minor decline till 83.25 is expected.
Range bound trade is expected between the band of 82,000
Range
Silver July and 80,200 marks. A decisive breakout is required in either Lacking directional momentum on either side,
bound Range
of direction for unidirectional move. EUR INR EURINR May future remained sideways; further
bound
Appearance of shooting star candle on weekly chart consolidation between 89-89.70 is expected.
Copper suggest profit booking from the current levels. A decisive
Bearish Following prior month’s sharp correction, GBPINR
May close below 840 could extend this profit booking towards
820 with resistance at 860 marks. May future rebounded to reclaim levels of 104. Major Range
GBP INR
Failure to surpass Jan 23’ peak which is placed at 193 may Range upside is unlikely as hurdle seen at 105 while 104 to act bound
Lead May as support.
lead to consolidation and choppiness with support at 187. bound
Zinc May With support at 249, counter can extend up till 262 marks. Bullish JPYINR May future snapped multi week losing streak;
Moderately
Bearish head and shoulder breakdown on daily chart JPY INR revised support stands at 53.50, while minor upside is
negative
Crude Oil suggest weakness in the counter. Now upside is looking expected till 54.75.
Bullish
May capped till it holds below 6750 levels and counter could
extend this decline towards 6350 levels.

YES SECURITIES Research research@ysil.in


(For important information about YES SECURITIES (INDIA) LTD. and other disclosures, refer to the end of this material.)

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