The US JOLTS report showed a decrease in job openings yesterday along with the shrink seen in the consumer confidence. The markets would await the NFP data on Friday which if seen negative would ease inflationary pressure which could possibly indicate a further pause in the rate hike in the next FED policy meeting. Dollar Index fell to 103.365 but has risen which if sustains could head towards 103.80-104 again on the upside. But thereafter it can fall again towards 103 or lower. Euro has risen well but could limit its rise to 1.09 and trade within 1.09-1.08 for the next few sessions. Aussie and Pound have dipped slightly below 0.65 and 1.27 and could trade within 0.64-0.65 and 1.26-1.27 respectively for the near term. USDJPY has fallen sharply on fall in Dollar but can re-attempt to rise towards 148 soon. EURJPY looks bullish for a rise towards 159-160. USDCNY is ranged within 7.28-7.32. USDRUB has risen well and needs to sustain above 96 to rise higher towards 98 else can fall back within the 96-92 range. EURINR tested 90 before falling from there. Can trade within 90-89 for the near term. USDINR can trade within 82.50-82.75/80 for the very near term.

Dollar Index (103.607) has risen after testing 103.365 and could rise to 103.80-104 before again resuming the fall towards 103 or lower.

EURUSD (1.00866) has moved up well on weak Dollar but could possibly pause below 1.09 for the near term. A break above 1.09 is needed to move up further in the medium term.

EURJPY (158.89) is slowly moving higher and could target 159-160 on the upside.

Dollar-Yen (146.22) fell sharply from 147.375 but could again attempt to rise towards 148 in the next few sessions before reversing sharply from there as 148-150 is a crucial resistance zone on the longer term charts.

USDCNY (7.2893) continues to trade in a sideways range of 7.32/30-7.28 and may hold so unless a sharp movement is seen.

Pound (1.2628) has seen a slight dip after 2-sessions of upmove. A slow rise towards 1.27 looks possible in the coming sessions from where a fall towards 126 again cannot be negated. Overall range of 1.26-1.27 can hold for now.

Aussie (0.6463) has dipped while below 0.65 and could trade within 0.64-0.65 for the next few sessions.

USDRUB (95.4155) has moved up towards 96 and needs to break higher to move up further towards 98 else can fall back towards 94-92 while below 96.

USDINR (82.71) tested 82.80 on the NDF before coming off from there. We may expect a range of 82.50-82.80 to hold for now.

EURINR (89.8011) tested 90 before falling from there. A dip to 89.50 can be seen before attempting to rise above 90.

The US Treasury yields continue to move down. Supports are coming up which can limit the downside and keep the overall uptrend intact. The German yields have dipped but are likely to be short-lived. The broader trend continues to remain up and the yields can move higher. The 10Yr and 5Yr GoI have to rise past their immediate resistance to avoid a further fall and rise from here itself.

The US 10Yr (4.13%) and the 30Yr (4.23%) yields have come down further. 4.1%-4% (10Yr) and 4.2%-4.1% (30Yr) are key support zone which are likely to hold and keep the bullish view intact to see a rise to 4.5%-4.6% (10Yr) and 4.6%-4.7% (30Yr) eventually.

The German 10Yr (2.51%) and the 30Yr (2.61%) yields have comed down but are likely to be short-lived. The broader view remains bullish to- see a rise to 3%-3.1%.

The 10Yr GoI (7.1880%) and 5Yr GOI (7.1915%) have bounced. But while below 7.2%, they can still fall to 7.15%-7.13% (10Yr) and 7.13%-7.1% (5Yr) before rising to 7.35% (10Yr) and 7.45% (5Yr).

Dow Jones and Nikkei are bullish for the near term. DAX has risen well but needs to surpass the hurdle at 16000 to strengthen the momentum further. Nifty is vulnerable to a fall while it remains below the resistance at 19500. Shanghai looks mixed.

Dow (34852.67, +0.85%) continues to move up and can now test 35100 first and then 35500 eventually. Support will now be in the 34600-34500 region.

DAX (15930.88, +0.88%) will gain momentum if it breaches 16000. In that case the view will be bullish to see 16400-16500 and the danger of the fall to 15400-15200 will get negated.

Nifty (19342.65, +0.19%) continues to lack strength. It has to breach 19500 to move up to 19800-20000. Else a fall to 19100-19000 cannot be ruled out before a fresh rise happens.

Nikkei (32516.53, +0.90%) is attempting to break above 32500. A sustained break above 32500 can take it higher toward 33000-33200.

Shanghai (3140.74, +0.15%) has bounced back sharply above 3125 contrary to our view for a fall towards 3050-3000. Outlook is mixed. A broad range of 3225-3075 may hold for a while.

Brent and WTI have risen, breaking above the resistance at $ 85 (Brent) and $ 81 (WTI) respectively and may look to rise more if the break sustains. Gold, Silver and Copper have risen well and remain bullish to target further upside. Natural remains subdued but downside seems limited to 2.5-2.45.

Brent ($ 85.74) has risen, breaking above the resistance at $ 85. It has to sustain above $ 85 and rise past $ 86 to negate the danger of falling towards $ 80 and to rise towards $ 88.

WTI ($ 81.48) has broken above the resistance at $ 81. If the break sustains, it may rise further towards $ 83-85. This may negate the danger of falling towards $ 77-76-75.

Gold (1964.30) has risen further above 1960. Outlook remains bullish for a rise towards 1980 or 1985-1990 before a pause can be seen.

Silver (25.07) has broken sharply above the resistance at 25. While this break sustains, a further rise towards 26 is possible.

Copper (3.8285) has risen above 3.80 as the support at 3.73 has held well. View remains bullish for a rise towards 3.90 in the near term.

Natural Gas (2.6820) remains subdued but downside seems limited to 2.5-2.45. While above 2.45, bias is positive for a rise towards 3.0.

9:00 14:30 EU Biz Climate
Expn 92.2 …Expected 93.9 …Previous 94.5

12:15 17:45 US ADP Emp
Expn – …Expected 201K …Previous 324K

12:30 18:00 US GDP
Expn – …Expected 2.4% …Previous 2.4%

DATA YESTERDAY:
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13:00 18:30 US Case Schiller
Expn -1.2% …Expected -1.5% …Previous -1.7% …Actual -1.2%

14:00 19:30 US Cons Conf
Expn 119.8 …Expected 116.2 …Previous 114.0 …Actual 106.1