MARKET PULSE
Today: German IFO business climate index
Greece’s government is set to begin talks with creditors on new bailout agreement
Tsipras’s paradox is six months of pain and enduring popularity
ECB rejects proposals by Greek authorities to reopen country’s financial markets
ECB’s Draghi sets sights on reviving economy with Greece on back seat
Long USD bets at 375,137 (July 21), the most since March 24
Gold- net-short position of 11,345 contracts in the week ended July 21
Gold-Bearish wagers climbed 12 % to 121,238
Gold ETF assets dropped 1.1 % last week, to 1,554.4 MT (biggest decline since March 15)
INDIAN INR
MARKETS
INR little changed at 64.0625 per USD
1-month implied volatility climbs 36 bps to 5.9850%; avg for past 12-months is 6.6931%
INR 1-month forwards gain 0.1% to 64.44 per USD
USD/INR’s MACD above both signal line and zero and rising
USD/INR Pivot point at 63.9929
USD/INR support at 63.9258, 63.8092 and 63.6255
USD/INR resistance at 64.1095, 64.1766, 64.3603
FACTORS
Gunmen attack Indian police station near Pakistan, reports say
Global investors bought net $48m of Indian stocks on July 23:
India’s leading stock index Sensex fell 0.9% on July 24
FOREIGN EXCHANGE
MARKETS
USD Spot Index declined 0.1 % to 1,207.74 after rising to 1,212.78 on Fri
USD/JPY -0.27% at 123.47 (range 123.43-123.84)
EUR/USD +0.18% at 1.1004 (range 1.0969-1.1015)
AUD/USD +0.12% at 0.7291 (range 0.7266-0.7299)
USD/CAD -0.15% at 1.3030 (range 1.3022-1.3057)
GBP/USD +0.11% at 1.5525 (range 1.5495-1.5538)
USD/CHF -0.25% at 0.9605 (range 0.9598-0.9638)
FACTORS
Today: German IFO business climate index
Greece’s government is set to begin talks with creditors on new bailout agreement
Tsipras’s paradox is six months of pain and enduring popularity
ECB rejects proposals by Greek authorities to reopen country’s financial markets
ECB’s Draghi sets sights on reviving economy with Greece on back seat
Long USD bets at 375,137 (July 21), the most since March 24
GOLD
MARKETS
Gold Spot fell 0.4 % to $1,094.50 and was traded at $1,096.99 in Asian hours
Gold dropped for the past 5 weeks and declined to $1,077.40 on Friday (Feb 2010 low)
Gold lost 7.4 % this year
Gold December future rose 1 % to $1,096.50
Prices fell 4.1 % last week, dropping to $1,073.70 on Fri, Feb 2010 low
FACTORS
Gold- net-short position of 11,345 contracts in the week ended July 21
Gold-Bearish wagers climbed 12 % to 121,238
Gold ETF assets fell 1.1 % last week, to 1,554.4 MT (biggest decline since March 15)
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