Morning Briefing: The US treasury yields have declined further

Dollar Index and EURJPY needs a strong break above 107 and 145.50 to move up further on the upside. Euro has scope to rise towards 1.05-1.06 while above the support at 1.02. USDJPY can be ranged within 141-137. USDCNY has scope to rise towards 7.15/20 in the near term. USDRUB to remain range bound while above 59. USDINR can re-attempt to rise towards 81.50/80 while above the support at 80.50. EURINR has risen above the resistance at 84 and has room rise further in the coming sessions.

The US Treasury yields have declined further and are likely to see more fall from here. The German yields have fallen at the far-end. The chances are high for them to fall further in the coming days. The 10Yr and 5Yr GoI are looking weak and have room to fall more in the coming days.

Dow is holding well above the support at 33400 and while above it we retain our bullish view of seeing a rise on the upside in the coming sessions. DAX remains stable. Nikkei has scope to rise towards 28800-29000 in the coming sessions. Shanghai has risen and can soon test key resistance at 3150 on the upside. Nifty has risen above the resistance at 18400 but needs to sustain above it to move up further.

Brent and WTI seems to lack directional bias at the moment and may remain range bound for a while. Gold has come off from the levels below 1795-1800. Silver has declined sharply and any break below 21.30, if seen, can lead to a further fall on the downside. Copper has come down towards 3.8. A break below it could target further downside in the near term.