MARKET PULSE
US jobless claims slumped to the lowest level in four decades
US jobless claims fell by 26,000 to 255,000- week of July 18, Nov -1973 low
Today: France, Germany, Euro-Zone report PMIs
Greece’s three main official creditors are sending representatives to Athens
Lagarde push for Greece debt relief sets up showdown with Merkel
Chinese factory gauge weakens in threat to economic recovery
IMF Says China market turmoil won’t affect reserve-currency bid
WTI crude rises, gold and copper drop
U.S. reports next week on economic growth and durable-goods orders
INDIAN INR
MARKETS
INR falls 0.3% to 63.9500 down 0.8% for the week, biggest weekly drop since May 8
1-month implied volatility climbs 27 bps to 5.4350%; avg for past 12 months is 6.6876%
INR 1-month forwards fall 0.4% to 64.30 per USD
USD/INR MACD above signal line, crosses above zero
USD/INR Pivot point at 63.7362
USD/INR support at 63.6699, 63.5724 and 63.4086
USD/INR resistance broken at 63.8337, 63.9000, next at 64.0638
FACTORS
Global investors bought net $73.6m of Indian stocks on July 22
India’s leading stock index Sensex down 0.5% yesterday
Excessive liquidity is likely to continue on tepid credit growth as foreign inflows return
INR biggest weekly drop since May on month-end demand for USD
US jobless claims slumped to the lowest level in four decades.
FOREIGN EXCHANGE
MARKETS
USD/JPY -0.02% at 123.91 (range 123.86-124.05)
EUR/USD -0.10% at 1.0973 (range 1.0970-1.0994)
AUD/USD -0.98% at 0.7284 (range 0.7269-0.7362)
NZD/USD -0.30% at 0.6587 (range 0.6581-0.6625)
USD/CAD +0.04% at 1.3042 (range 1.3017-1.3044)
GBP/USD -0.04% at 1.5508 (range 1.5501-1.5523)
USD/CHF +0.03% at 0.9603 (range 0.9585-0.9608)
FACTORS
Today: France, Germany, Euro-Zone report PMIs
Greece’s three main official creditors are sending representatives to Athens
Lagarde push for Greece debt relief sets up showdown with Merkel
Chinese factory gauge weakens in threat to economic recovery
IMF Says China market turmoil won’t affect reserve-currency bid
WTI crude rises, gold and copper drop
U.S. reports next week on economic growth and durable-goods orders
GOLD
MARKETS
Gold spot dropped as much as 1.2 % to $1,077.40 (Feb. 11, 2010 low)
Gold has fallen 4.3 % since Monday, set for a 5th weekly drop.
Prices in Shanghai slumped to the lowest level since December 2013
Gold August Futures slid 2 % to$1,072.30 (February 2010 low)
Gold Futures added 0.2 % on Thursday to snap a 10-day losing streak (longest since 1996)
China, gold fell by 1.6 % to 216.15 yuan/ gram ($1,082.68 /ounce) on the SGE
Silver spot fell 1.1 % to $14.5072
FACTORS
US June jobless claims fell to the lowest in four decades.
US jobless claims fell by 26,000 to 255,000- week of July 18, Nov -1973 low
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