NZD/USD is trading at 0.64892, 0.01% up since previous day close. The flat to higher side trading can be seen in Kiwi after Trade Balance deficit lowered down to 475M from 2180M in the prior month which indicates an improvement in economy’s manufacturing & industrial activities. On global front, the mixed USD as FOMC is expected to loosen out the monetary policy just raising interest rate by 25 or 50bps & improving Chinese economic conditions with regards to easing down Covid-19 restrictions pushed up NZD/USD. The result of country’s employment data will remain in focus for the week. Buying on lower side may be recommended for the day as the pair is heading towards MA (100) & MA (200).

Gold is trading at $1932.82, 0.04% up since previous close. An upside continued to be seen in Gold against the steady USD ahead of the outcome of FOMC meeting with lesser hawkish monetary stance & U.S Non-farm Payroll data this week. Last week, the ECB Chief hinted for aggressive rate hikes in next meeting by 50bps which widely cushioned the EURO & major precious metals. The Gold rallied amid better Chinese GDP figures, opening up of Chinese restrictions & lockdowns since China is a major consumer of metals. As seen in the chart, a consistent upside in Gold makes the commodity to test the previous high of $1975 levels on short term basis & hence, buying on correction may be recommended for the day.

INDIA50 is trading at 17729.8, 0.24% down since previous close. The mayhem can be seen in SGX Nifty amid multiple cues. On regional front, ongoing rout over Asia’s richest man, Gautam Adani for indulging in unfair business practices led the markets to trade on lower side since last two trading sessions. However, the focus will be on result of Annual Union Budget which will be presented on February 1st, 2023. Globally, the traders remain skeptical over FOMC monetary decision in its forthcoming meeting next week which limits the gain in indices. The RBI is to hold its monetary policy meeting next week which will remain significant for INDIA50. The cautious trading may be recommended for the day in INDIA50 since an index is hovering near Fibo level 61.8.