GOOD MORNING!
EQUITIES
Dow Jones (12,959.71, +37.69, +0.29%) manages to eke out some more gains, knocking on the doorway of 13000. A rise past 13000 will reduce chances of a violent downward correction. Market will react to today's Retail Sales data (expectation +1.1%) and to the FOMC meeting.
Asian Indices are in the green today, barring China, which is down -0.19%. Gains range from +0.17% (Malaysia) to +1.39% (Taiwan). The Nikkei is up 0.93% at 9989. It can rise to test 10300 before a good correction comes in. The Nifty (5359.55) and Sensex (17,587.67) had managed to close higher yesterday, although they'd come off from their day's highs. Good Support is seen at 5300 for the Nifty.
COMMODITIES
Gold (1704.20) is consolidating after the bounce from last week's low near 1664.49 and could be gathering strength to move higher. Silver (33.75) might also move higher if it manages to remain above 32.47 over the next few days.
Nymex Crude (106.90) is looking quite bullish for a test of 110.
CURRENCIES
Yesterday was a "risk on" day with the Euro (1.3180), Aussie (1.0550), Pound (1.5657) and Swissy (0.9146) all gaining through the day. All of them have continued to gain in early Asian trade today as well. The Euro may have room to rally towards 1.3220, with Support at 1.3150. The other currencies also have some more for gains.
Dollar-Yen (82.19) has been trading largely sideways between 82.10-40 through yesterday. Support is seen at 82.00 and 81.70, and the Yen could weaken a little more while these hold.
The USD-SGD (1.2567) had dipped yesterday, from an intra-day high near 1.2628. It is trading sideways between 1.2450-2630. The Brazilian Real has weakened further to 1.7975, but the USD-BRL has very strong Resistance coming in around 1.8275-8300, which should be kept in mind.
Dollar-Rupee which closed near 49.97 yesterday, may be ranged between 49.80-50.10 for another day or two.
DATA TODAY
Feb US Retail Sales, Exp 1.1%, Prev 0.4%
US FOMC Meeting, Exp <0.25%, Prev <0.25%
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