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Dollar Index is rising as expected and could test 102.50 while Euro could fall to 1.0950-1.09. EURJPY looks bearish towards 155/154 while USDJPY has risen back and could test 143 now, contrary to our expectations of seeing a fall towards 140-138. USDCNY is rising towards our mentioned targets of 7.15/16. Aussie is headed towards 0.6750/0.67 while Pound is near its immediate support of 1.26 which needs to produce a bounce else could be vulnerable to fall towards 1.24. USDRUB rose sharply yesterday but seems to be falling from 91 now. USDINR rose slightly past our expected resistance of 83.30 but later it eventually came down. The 83.35-83.20 range could hold for the day. EURINR has risen above 91 and could test 91.50 soon before pausing.
The US Treasury and the German yields are witnessing a corrective rise in line with our expectation. Both the yields can rise further from here in the coming days. The 10Yr GoI can move up to test its resistance before turning down again to resume the downtrend. The 5Yr GoI on the other hand is stuck in a narrow range within its broader downtrend.
Dow Jones has scope to test its immediate resistance before a corrective fall can happen. DAX was volatile yesterday but as long as it holds above 16500, our bullish view will remain intact. Nifty has to sustain above 21500 to move up towards its resistance. Shanghai has declined failing to rise past 2975 but 2925 could lend some support and keep our view intact for a rise towards its resistance.
Crude prices have fallen back sharply after disappointing US S&P manufacturing PMI for Dec-23. Gold and Silver have scope to test their key immediate support before a bounce back can happen. Copper is approaching 3.85. Failure to hold above 3.85 can drag Copper further down. Natural Gas has fallen back but downside could be limited to 2.50-2.45.
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