The euro-dollar traded at 1.316

In the US, the Dow gave up much of a 120 points intra-day rally as Syrian fears escalated and markets still squeezed out small gains supported by positive economic data on Tuesday. European shares closed down in choppy trade and back home, our market got clobbered yesterday as the four-day rally came to a grinding halt wiping out USD 25 billion in market cap.Meanwhile, Asian markets slipped in early trade today.In the currency space, the dollar hit a six week high after stronger-than-expected US economic data bolstered expectations the Federal Reserve will start scaling back stimulus this month.

The euro-dollar traded at 1.316 and the yen stood at 99.5/USD. The rupee lost ground breaching the 68-per-dollar mark on Tuesday, before RBI intervention lifted the currency off the day's lows.In commodities, crude prices rose as lawmakers voiced support for military action against Syria, raising new fears about an armed conflict that could crimp supply. Brent traded at USD 115.7/barrel while Nymex rose above USD 108/barrel giving up some gains towards closeFrom precious metals space, gold prices rose as much as 1.4 percent intra-day to within striking distance of a 3.5-year high as the consensus against Syria developed before giving up some gains.

Watch for strength in Strides Arcolab as the Cabinet Committee on Economic Affairs has given the final nod for the USD 1.6 billion Mylan deal. Mylan says that the transaction is expected to close in Q4 of 2013.Jet Airways will be in focus as the government has recommended the over Rs 2000 crore Etihad deal to the cabinet committee for approval. The deal is likely to be completed by September 20 as all regulatory clearances are expected to be in place by then.

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