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Tag Archives: $INR

UK and India Provide Excitement Ahead of the Weekend

Overview: A word of optimism on a Brexit deal has sent sterling to its best level in two months. Corporate tax cuts sparked a more than 5% rally in Indian stocks as the week draws to a close. The MSCI Asia Pacific Index snapped a four-day losing streak to pare this week's decline.  Europe's Dow Jones Stoxx 600 was flat for the week coming into today, and its four-week advance is at stake. US shares are trading firmer in Europe, and the S&P 500 is near its record high set in late...

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Three Asian Central Banks Surprise Investors

Overview: While investors keep a watchful eye on the dollar fix in China (a little firmer than projected) and tensions with the US, two other developments compete for attention.  The Reserve Bank of New Zealand and the central banks of India and Thailand surprised the market with lower rates.  The RBNZ cut by 50 bp,  India by 35 bp, and the fact that Thailand cut at all was unexpected.  The other development was another horrific German industrial production report.  Benchmark 10-year...

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Third Vote on Withdrawal Bill Scuppered Until after EU Summit

Overview:  The capital markets remain subdued.  Many Asian equity markets eased after a strong two-day advance.  European equities are slightly firmer.  The S&P 500 closed at new five-month highs yesterday.  Benchmark 10-year yields are mostly a little softer.  Australian 10-year bond yield fell five basis points, and the discount to the US widened to a new high since the early 1980s.  The minutes from the Reserve Bank of Australia underscore the importance of this week's...

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Equities Advance, Dollar Slips, Key Events Awaited

Overview: The eventful week has begun off slowly.  After Wall Street's best week in four months underpinned Asian' equities, where all the markets but Thailand, advanced, led by the nearly 2.5% rally in Shanghai.  Note that New Zealand's S&P/NZX 50 rose to new record highs.  European bourses are firmer, and the Dow Jones Stoxx has edged to a new high for the year, with the help of materials and energy.  Benchmark 10-year yields are mostly firmer, though the US yield...

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Greenback Starts New Week Decidedly Mixed, with Brexit Anxiety Weighing on Sterling

Overview:  Asian shares recovered from opening losses to finish mostly higher, with the Shanghai Composite up nearly 2% and India tacking on 1% after the election was called, starting April 11.  European markets, led by energy, communication, and materials sectors, is up about 0.5% through midday. The S&P 500, which closed lower every day last week is looking a little firmer.  Benchmark yields are slightly higher, with the US 10-year yield up nearly three basis points...

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The Dollar, Stocks, and Bonds are on the Move: What do the Charts Say?

The dollar rose against nearly all the currencies last week.  Among the majors, the chief exception was the Japanese yen, which seemed to benefit from the equity weakness and the drop in yields, perhaps not really so much of the widely touted safe haven attribute, but the unwinding of funding positions.  The main exception among emerging market currencies was the Indian rupee, which moved into the upper end of its three-month trading range as tensions with Pakistan appeared...

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Dollar Trades Heavily, While Prospects of a Softer and Later Brexit Send Sterling Higher

Overview:  As the North American session is about to begin, the markets await developments in the UK House of Commons where a vote is expected today on Prime Minister May's proposal to hold votes on around March 12 on the Withdrawal Bill and no deal.  However, perceptions of a reduced likelihood of a no-deal exit continued to fuel sterling gains.  Pakistan has reportedly shot down two Indian aircraft as the tension between these two nuclear powers intensify.  The anxiety...

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New Phase Begins with UK Vote

Overview: Several of the equity benchmarks are flirting with six-week highs, including MSCI Asia Pacific Index and the Emerging Markets Index.  The Dow Jones Stoxx 600 is trying to extend its advancing streak for a third week, something not done since July.  The 350 level, which it is toying with, is similar to the 2600 level in the S&P 500 that has also being tested.  Today's advance is shrugging off yesterday's loss in the US with the help of indications from China...

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Market Fever is Burning Itself Out Ahead of the Weekend

Overview:  Equity markets are stabilizing today as Asian and European markets shrug off the failure to get traction in the US yesterday.   As everything and nothing was behind the dramatic sell-off in recent days, the same could be said about today's recovery.  Most accounts seem to be emphasizing two developments:  a report indicating that despite the talk earlier in the week, there is a recognition by the US Treasury staff that China's actions do not reach the threshold...

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A (Short) Reprieve For China while the Dollar Stays Firm

Overview:  The small gains in China's Shanghai Composite and the yuan is helping sentiment today.  News that Italy's budget watchdog may reject the government's fiscal plans has helped stabilize Italian assets initially, but renewed pressure quickly materialized. Most Asian equities retreated while Europe's Dow Jones Stoxx 600 is struggling to snap a three-day slide.  US shares are trading heavily in Europe.  US 10-year yields are a little higher today after yesterday's...

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