NZD/USD is trading at 0.60715, 0.01% up since previous day close. The NZD/USD slightly inched up on Friday; however, the momentum remains indecisive as little progress can be seen in U.S debt ceiling talks between U.S President Biden & House Speaker McCarthy. Earlier, the pair weakened down heavily after RBNZ hinted for a pause in monetary tightening process for near term in order to review the inflationary scenario, although an interest rate was hiked by 25bps as expected in its latest meeting. The New Zealand posted weaker Retail Sales data which fell by 1.4% against the expectation of 0.2%; further weakening the pair NZD/USD. Wait & watch strategy may be recommended for the day in NZD/USD.Read More… Read Less
JAP225 is trading at 31023, 0.32% up since previous day close. A sharp rally can be seen in Japanese stocks as compared to other Asian markets amid increased optimism over chip making stocks. The U.S chipmaker NVIDIA Corporation posted upbeat earnings results & boosted up other stocks linked with the company. This outweighs the panic selling in indices arises out of slowing progress in U.S debt ceiling talks amongst top U.S officials since last few weeks. Besides this, the worsening U.S-China trade issue & the tension over rate hike decision in Fed’s next meeting remains vital for JAP225. As seen in the weekly chart, the JAP225 successfully crossed over channel pattern & hence, signals for buying pressure on lower side on daily basis.Read More… Read Less
WTI Oil is trading at $71.72, 0.18% down since previous day close. The Oil prices slid down to $71 levels after Russian Deputy Prime Minister Alexander Novak said that no changes can be seen in Oil production levels rather output cuts can be expected in upcoming OPEC+ meeting which is to be held on 4th June at Vienna. Earlier, the prices rallied post release of U.S EIA report which showed a massive fall in Oil inventory level by 12.5 mbpd against the expected rise of 1.9 mbpd. The strong USD amid little progressive U.S debt ceiling talks will remain vital for Oil prices. As seen in the chart, the Oil seems to be resisting MA (100) & corrected downside & hence, slight selling bias may be noticed for the day.Read More… Read Less
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