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NZD/USD is trading at 0.66525 making day-high of 0.66625 & day-low of 0.66314. The Kiwi gained the momentum due to firm USD on account of mixed global cues like ongoing U.S-Sino trade war, Brexit & Italian issue, impending U.S Congressional Elections & upcoming FOMC meet. In New Zealand, the ANZ Commodity Prices remained constant at -2.4% same as previous figure. Last week, the ANZ Business Confidence fell by 37.1 against the previous negative figure 38.3 & the Building Consents reduced by 1.5% versus 6.8% in the previous month. The RBNZ is to schedule its meeting in the next week focusing on interest rate decision. The cautious trading may be recommended for the day in NZD/USD
Silver is trading at $14.743 making day-high of $14.745 & day-low of $14.66. The tight range can be seen in the Silver prices due to mixed global cues. Last week, the U.S efforts towards easing down U.S-China trade tensions by signing a trade agreement with China in an upcoming G20 summit turned positive for metals & negative for USD. Besides this, the global cues like FOMC rate hike decision, ongoing U.S-Sino trade war, Brexit political issue & upcoming U.S Congressional Elections issue cushioned the precious metals. The result of U.S ISM Non-Manufacturing PMI will remain in focus today. Wait & watch strategy may be adopted in Silver as it is trading sideways.
UK100 is trading at 7058 making a day-high of 7077 & day low of 7050. The selling pressure resumed in the early trade on Monday in global indices as Chinese President Xi Jinping announced lower tariffs on U.S imports. In last week, the decision of continuation of providing financial services from EU to U. K post Brexit boosted the index. On the data front, the Construction PMI climbed to 53.2 from 52.1 in the previous month turning positive for UK100. The Bank of England (BoE) left an interest rate steady at 0.75% as expected failing to create any major effect on an index. Upcoming event of Brexit deal on November 21 will remain vital for UK100. Buying on dips may be recommended for the week.
RISK DISCLAIMER: Trading foreign exchange (FOREX), Commodities and Indices on margin is not suitable for all investors as it carries a high level of risk. Consider your investment objectives, experience level and risk appetite before deciding to trade in foreign exchange. It is likely that you may sustain a loss of some or all of your capital investment and hence, all your investment decisions are based on your own judgment. You should understand that these instruments are highly related with huge risk, and also look for an independent advice if you have any doubts. Read more.