EUR/USD is trading at 1.08784, 0.04% down since previous day close. The range bound trading can be seen in EUR/USD amid steady USD as traders waits for FOMC Minutes release due today; giving more cues over future monetary policy. Last week, the pair remained sluggish on account of hawkish Fed & other major Central Bank’s monetary stance in future course of time. The Euro-zone Final Manufacturing PMI fell to 43.4 from 43.6 in the previous month while the focus will be on Final Services PMI figures which will be out today. As seen in the chart, the pair is firmly trading within the converging trend-lines & is hovering near MA (10), MA (20) & MA (100). Sideways trading may be recommended for the day.

CHNIND is trading at 6428.3, 0.11% down since previous close. The Chinese stocks retreated heavily on Wednesday amid escalating trade-tension between U.S & China after China imposed curbs on exports of chipmaking materials to U.S. On data front, the Caixin Services PMI fell to 53.9 from 57.1 in the previous month which further subdued the index. Earlier, the traders digested the negative effect of hawkish outlook over monetary policy in near future as mentioned by major Central Banks chiefs; how-so-ever, the outcome of FOMC Minutes will remain in focus for the day. As seen in the chart, although the CHNIND is trading within the trend-lines yet it is still hovering near MA (200) which acts as a major support level. Wait & watch strategy may be build-up for the day in CHNIND.

Silver is trading at $22.920, 0.12% up since previous close. The mixed USD ahead of FOMC Meeting Minutes due to be released today made the precious metals expensive. The rising tension between U.S & China pushed up the safe haven instruments. Earlier, the traders took a sigh of relief over panic aroused from hawkish U.S Fed Chair Powell speech regarding more rate hikes in this year which cushioned the Silver. Last week, the China’s PBoC cuts down its Prime Lending Rate (PLR) by 10 bps lower than expectation which dragged down the silver prices; for China is a major consumer of silver. Buying on corrective dips may be recommended for the day in Silver.