Forex

Wall street witnessed one of the least likely scenarios in trade yesterday. After being down by approx 200 points, the markets rebound once S&P predicted financial companies are nearing the end of the massive asset write-downs that have devastated the stock and credit markets. This projection has bought back hope and stability in the market for a day at least.

On the other hand commodities were at it again, doing what they have been doing best in the last week... "Making a fresh highs!" Gold hit the magical figure of $1000, and the best seen was $1001.50. Currently it is lower at $995.30. Crude too has risen, making a fresh high at $111.00, while now it trades close to $109.73.

$-Yen dipped to a 13-year low at 99.76 yesterday. It has bounced a bit from there, as the stocks are currently stable in Asia. There has been no let up on the rally in the EUR, which hit high at 1.5645. Currently it is near 1.5603/06.

The Dollar has opened higher than it was yesterday against the INR, as the domestic stock markets are likely to open stable to slightly negative. Additionally the weekly WPI number would also be declared today and a figure of above 5.0% would be bad for stocks, which could then be bad for the INR.