India Morning Report July 30, 2012: Euro buoyancy disproves Archimedes principle

Euro frit is apparently good breakfast for the markets this week till Wednesday when a day after the US meeting, the ECB announces, likely, it cannot do much right now as it is waiting on saving the Euro. Expecting that the Euro is already up the cliff at 1.23 and this could well be another good point to start the slalom down

Asia is apparently up on nothing more than the Euro, China’s flash data for the month looking healthy and robust not counting much when it came out last week. South korea manufacturing survey was also bleak falling to 69 ( par score of 100) for August. Japanese indl production improved, -0.1% being 18 times higher than last month’s -1.8% in sync with China  

India will also power on, the memory of the drop still fresh in mind and trading resuming in the upward direction again in the new series. Indonesia has banned ore exports and consequently commodities may well start rising from their ugliest bottoms in Copper and Nickel but china is not buying yet

However India is topped off and thus the currency weaker at these Nifty levels for many and it is only a matter of time before shorts develop a good momentum. Shooting’s poor howing in the 10 m Air rifle and the fate of the shuttlers may also spell a loss of momentum to the barely surviving India story. 

Global month end data will keep ferrets busy running up the clock the entire week in Global markets as there is a hint of previous data being abottom and the future as you well know is dark and no sun coming out on the horizon. CBank Policy Tuesday being a damp squib tomorrow likely offers a shorting opportunity if markets decide to be optimistic today and so sideways may be the only move. 

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