MCX Commodity - Market Overview - 03.Oct.2016

 MCX Commodity - Market Overview 



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Asian markets are trading higher as negative  sentiment have  started to fade   slowly   after   reports   showed   that   Deutsche  Bank was negotiating a much smaller fine with the US Department of Justice. US Dollar Index traded lower by 0.01 percent in the last week.Events such   as   the   US   Presidential debate   and   speech   by   the   Federal Reserve  Chairwoman  kept  the  markets on a cautious mode.
The Presidential  debates  are  very  important  as  half  of  America's  likely voters  rely  on
them  to  make  their  likely  Presidential  choice in  the November 8 election.Moreover, the  Federal
Reserve  chairwoman,  Janet  Yellen  gave  no clear indication with respect to rate hike timings.
She said that there was “no fixed timetable for removing” the accommodative stance of monetary   policy.
At   the same   time,   she   made   clear   about   not wanting to keep interest rates at the same levels
for long. Continued job  gains  would  prompt  the Americans  to  spend  thereby  pushing  up the
inflation  rate.  She  ended  the  speech  by  saying  that  the  future course  of  rate  hikes  will
be  data  dependent.  All  the  above  factors influenced the market minds thereby denting the demand for the DX which  made  a  weekly  low  of  95.15  and  closed  at  95.39  levels  on Friday.The Indian Rupee appreciated by 0.23 percent in the last week owing to  sustained  selling  of  the  US  Dollar  by  exporters  and  banks  amid weaker   DX   in   the   overseas   markets.   Moreover,   heavy  influx  of foreign inflows into the domestic market kept the INR supportive.Domestic  markets  i.e.  Sensex  and  Nifty  traded  lower  tracking  losses in   the   Asian   market   equities   as   problems   with   Deutsche   Bank (German   company)  &  Wells Fargo   (US   company)   prompted   the traders to place risk- free bets. Furthermore, India’s attempt to cause surgical  strikes  on  terror  launch  pads  across  the  Line  of  Control added to the woes