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9 January 2023
Monday
Reopening Of Chinese ports, supports market sentiments.
Rupee made positive start to the week at 82.30 levels taking clue from assertive global indices, softer dollar along with positive data print from world biggest economy. As China plans to re-opening its ports and businesses have ease market sentiments as supply side factors which pushed the prices higher could come to an end. Though, continues increasing covid cases is still matter of worries which is further increasing fear of pandemic which may once again become threat for the world. Hence, we can expect rupee to have roller coaster ride in coming week, as market participants awaits for upcoming data release such as domestic inflation data along with industrial production, balance of trade and the WPI data. So the coming week is going to be super busy, and we can expect the volatility to remain on the higher side.
On International front, EZ’s inflation surprisingly eased sharply, while US Jobs data showed jobs continue to grow. On other hand wage growth slowed along with U.S. Services PMI which contracted to 49.6 against forecast of 55.0. Going ahead, with commodities Crude oil prices was seen recovering and were trading higher as the economic reopening in China and less aggressive monetary tightening prospects from the Federal Reserve set a positive tone for demand recovery. While, Gold price started from where it left last week, maintaining its seven-month high streak after signs of a cooling jobs market pushed up expectations for a softer U.S. inflation reading this week and an eventual turn in the Federal Reserve’s hawkish rhetoric.
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The weekly roundup report will provide detailed insights on the current and future trends in currencies and related commodities like gold and oil. Additionally, it will outline the trend and trading opportunities in the week ahead.
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Their CEO, Jamal Mecklai, is an authority on all matters market and has been appointed to RBI committees to recommend measures on the local foreign exchange markets and managing commodity risk. He is also consultant to the World Gold Council and the Forwards Markets Commission and a frequent contributor to the media, both print and electronic.
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