AUD/USD is trading at 0.66235, 0.08% up since previous day close. The Aussie seems to be trading on higher side post release of Employment data wherein the number of employed people rose to 64.6K from -10.9K in the previous month & the Unemployment Rate fell to 3.5% against the expectation 3.6%. On global front, the U.S issued inflation data which showed a slow-down in inflation rising by wherein the rate grew by 0.4% lower than 0.5% of rise in the previous month. This gave a sigh of relief to traders over higher rate hikes in the next meeting & hence, weakened the USD & cushioned Aussie. As seen in the chart, the pair formed double bottom & is sustaining the same. Slight buying bias may be recommended for the day.Read More… Read Less
GER30 is trading at 14956.3, 0.03% up since previous close. The European markets slightly recovered after Swiss National Bank (SNB) agreed to lend $54 billion to Credit Suisse Bank after one of the leading bank investors, Saudi National Bank, denied to raise its investment stake more than 10%. This endeavor lifted up the market sentiments & eased down the panic over another bank collapse. However, ongoing ruction in U.S financial & banking system remains worrisome for traders. On positive side, the U.S CPI data showed a mild rise of 0.4% lower than previous rise of 0.5% & this may reduce down the chances of higher rate hikes in next Fed meeting. The market will be eyeing ECB’s monetary stance today. Buying on lower levels may be recommended for the day in GER30.Read More… Read Less
Gold is trading at $1913.52, 0.02% down since previous close. The slight correction can be seen in Gold prices after rallying to recent higher of $1935 levels on Wednesday. Ongoing U.S banking crisis & uncertain Credit Suisse’s credibility & stability can turn up positive for safe haven instruments. Besides this, the weaker USD amid easing down U.S inflation data, better NFP figures & led chances of aggressive rate hikes in next Fed meeting contributes bullishness in Gold. The China posted upbeat economic figures which may make the yellow metal expensive; since China is a major metal consuming country. Buying on dips may be recommended since the commodity is expected to test the record highs of $1960 in short term.Read More… Read Less
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