24 Jan, 2017 (8:31AM IST)
23 January 2017 (9:59 PM EST)
Global markets have opened another session with stocks under pressure, declining dollar and investors fleeing to safe havens of Gold and bonds.
The Trump administration’s new protectionist policies have put pressure on the Dollar index and U.S. equities. U.S. markets fell in their session overnight after President Trump formally withdrew the U.S. from Trans-Pacific Partnership (TPP) trade deal, thus creating a distance between the U.S. and its Asian allies.
As a result, the Dollar index has fallen below 100 today in the early hours of trading in Asia. Gold and bonds are spiking and U.S., European stock futures are slightly negative. Asian markets are mixed, SGX Nifty is marginally positive, indicating a flat/positive opening in Indian markets later today.
Expect global markets to trade with weak pattern, following a similar pattern in U.S. and European markets. Big indexes of these markets are still finding support at lower levels of their current range but a full-fledged negative trend is lurking just around the corner for these markets. Till Dow Jones and DAX maintain their support levels of 19,700 and 11,500 respectively, global markets can keep on hanging to a range bound trading pattern.
Watch how your local index behave near support and resistance levels and trade with the short term trend.
Good luck, enjoy the session!