EUR/USD is trading at 1.07385, 0.12% down since previous day close. The strong bet on USD amid little progress noticed in U.S debt ceiling negotiations between U.S President Biden & House Speaker McCarthy; for the deadline of the month of June is approaching. On data front, the Euro-zone Flash Manufacturing PMI fell to 44.6 from 45.8 in the previous month while the Flash Services PMI climbed to 55.9 against the expectation 55.4. The country’s efforts towards controlling inflation rate pushed up the EURO last month. As seen in the chart, the pair crossed down the short-term MA (10) & MA (20) & also, is trading below MA (100). Further downside in the pair may lead to testing of MA (200) which acts as major support level. Selling on higher side may be recommended.Read More… Read Less
GER30 is trading at 15875.3, 0.21% down since previous close. The selling pressure can be seen in European markets amid r non-concluding U.S debt ceiling negotiations between U.S President Biden & House Speaker McCarthy as few weeks has been for the deadline claiming U.S as a default. The fear of chances of aggressive rate hikes in near future amid higher inflation rate & higher employment rate remain significant for world indices. On data front, the German Flash Manufacturing PMI dropped to 42.9 from 44.5 whereas the Flash Services PMI rose to 57.8 from 56.0 in the previous month. As seen in the chart, the index seems to be sliding down & may test the Fibo level 38.2 if downside continued further. Slight selling bias may be noticed for the day in GER30.Read More… Read Less
WTI Oil is trading at $74.15, 0.12% up since previous day close. The Crude Oil edges up post release of U.S Energy Information Administration (EIA) report which showed a massive fall in Oil inventory level by 12.5 mbpd against the expected rise of 1.9 mbpd. Also, the U.S API report showed a drop in Oil stocks level by 6.79 mbpd against the expected rise of 0.525 mbpd which outweighed the negative effect arising out of stronger USD amid little progressive U.S debt ceiling negotiations. As seen in the chart, the Oil crossed over MA (20) & MA (10) which acts as major resistance level & may test MA (100) if upside prevailed further. Buying on lower side may be seen for the day in WTI Oil.Read More… Read Less
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