MARKET PULSE
Currency volatility jumped to the highest in three months
Deutsche Bank Currency Volatility Index climbed to 11.1 %, ( April 2 High)
Shanghai Composite Index rose 2.6 %, rebounding from an earlier 3.8 % decline.
Shanghai Composite Index down 32 % from its 2015 peak in June
S&P 500 fell 1.7% on concerns Chinese stock rout will hurt
Biggest China ETF in U.S. plunged 11%
Iron ore fell 10%
China extended its ban on stock sales to major holders & corporate execs
China’s CPI is forecast a touch stronger at 1.3% y/y in June while PPI holds at -4.6%
Australia added 7,300 jobs last month, above forecast
Greece asked EU creditors for 3-yr loan and softened demands for debt relief
Fed minutes Officials saw the economy improving, but also had concerns on Greece.
Fed Chair Janet Yellen speaks on Friday
Central banks in Korea and Malaysia are forecast to hold benchmark rates today
INDIAN INR
MARKETS
INR gains 0.1% to 63.5450 per USD
1-month implied volatility steady at 5.8450%; 12 month average is 6.7504%
1-month forwards gain 0.1% to 63.80 per USD
USDI/NR pivot point at 63.5875
USD/INR support at 63.5325, 63.4688, 63.3501; resistance at 63.6512, 63.7062, 63.8249
USD/INR remains below conversion line and base line on ichimoku chart
FACTORS
Global investors bought net $46.7m of Indian stocks on July 7th
India’s leading stock index Sensex fell 1.7% yesterday
CS: INR seen benefiting from arise in quotas for FII in govt bonds, Credit Bonds
CS: USDINR pair at 66 in 12 months
FOREIGN EXCHANGE
MARKETS
EUR at 1.1097 down .07 points
JPY dropped 0.3 % to 121.10 per USD, Wednesday it touched 120.41(May 19 High)
JPY slid 0.3 % to 134.12 per euro.
AUD rose 0.5 % to 74.66 U.S. cents, after earlier falling as much as 0.5 %.
AUD tumbled to73.72 on Wednesday, the lowest since May 2009.
FACTORS
Currency volatility jumped to the highest in three months
AUD rebounded on a report that showed employers unexpectedly added jobs in June.
Deutsche Bank Currency Volatility Index climbed to 11.1 %, ( April 2 High)
Shanghai Composite Index rose 2.6 %, rebounding from an earlier 3.8 % decline.
Shanghai Composite Index down 32 % from its 2015 peak in June.
Australia added 7,300 jobs last month, above forecast
S&P 500 fell 1.7% on concerns Chinese stock rout will hurt
Biggest China ETF in U.S. plunged 11%
iron ore fell 10%
China extended its ban on stock sales to major holders & corporate execs
Greece asked EU creditors for 3-yr loan and softened demands for debt relief
China’s CPI is forecast a touch stronger at 1.3% y/y in June while PPI holds at -4.6%
Central banks in Korea and Malaysia are forecast to hold benchmark rates today
GOLD
MARKETS
Gold Spot at $1,157.79 from $1,158.33 a day earlier
Gold fell to $1,147.36 on Wed, the lowest since Mar 18, before rising to 0.3 % higher
Gold Futures August fell 0.6 % to $1,156.70 after climbing 1 % on Wed.
Gold rose 1.7 % to 233 yuan a gram ($1,167.31 an ounce) on the Shanghai Gold Exchange
Silver slid 0.2 % to $15.1239, It had reached $14.6898 on Tuesday
FACTORS
Fed minutes Officials saw the economy improving, but also had concerns on Greece.
Fed Chair Janet Yellen speaks on Friday
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