Markets are very quiet ahead of monetary policy. 10Y bond yield supported around 8.20% and 5Y OIS rate stady around 7.25% while 1Y OIS rate has eased nicely below 8%. I have a strong "gut" feel that RBI will act both on CRR and policy rates. Straegy to buy 10Y bond weakness into 8.20-8.25% and hold on to OIS received book holds good. Let us see how things turn up.
USD/INR is very stable today. Good selling interest on spot wekaness into 50.40 on attractive 3M dollars above 51.50. RBI is also seen to be on dollar sell mode. Let us stick to 50.10-50.45 consolidation with test/break either-way to attract.
EUR/USD has retraced from buy zone of 1.2875-1.2825 (low of 1.2872) and looks good for move into 1.2950-1.3000.
NIFTY also in consolidation mode around 5050.
Gold is inching up posting a high of 1672 short of our sell at 1680. The undertone seems to be bit bullish for extended weakness.
NYMEX crude into strong support zone of 98.00-97.50. Let us exit short entered at 100.05 at current 97.90 and await consolidation at 95-100. Let us revert to sell rally into 100-102 and buy extended correction into 92-90.
Moses Harding
USD/INR is very stable today. Good selling interest on spot wekaness into 50.40 on attractive 3M dollars above 51.50. RBI is also seen to be on dollar sell mode. Let us stick to 50.10-50.45 consolidation with test/break either-way to attract.
EUR/USD has retraced from buy zone of 1.2875-1.2825 (low of 1.2872) and looks good for move into 1.2950-1.3000.
NIFTY also in consolidation mode around 5050.
Gold is inching up posting a high of 1672 short of our sell at 1680. The undertone seems to be bit bullish for extended weakness.
NYMEX crude into strong support zone of 98.00-97.50. Let us exit short entered at 100.05 at current 97.90 and await consolidation at 95-100. Let us revert to sell rally into 100-102 and buy extended correction into 92-90.
Moses Harding
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