NZD/USD is trading at 0.64286, 0.06% down since previous day close. The Kiwi weakened in early trade on Wednesday post release of poor employment figures. The number of employed people grew by just 0.2% from 1.3% in the previous month & the Unemployment Rate rose to 3.4% against expectation 3.3%. Besides this, the mixed USD ahead of the outcome of U.S NFP data & FOMC meeting this week led range bound trading in major currencies. Improving Chinese economic conditions with regards to easing down Covid-19 restrictions pushed up NZD/USD earlier. Wait & watch strategy may be build-up in the pair NZD/USD since the pair is hovering within the short & long term Moving Averages.

FRA40 is trading at 7126.3, 0.02% up since previous close. The European shares slightly moved up with a concern over FOMC meeting wherein an interest rate hike of 25bps is expected & is scheduled to release its outcome late today. Besides this, the ECB is expected to hike its interest rate by 50bps from 2.50% to 3.00% in its upcoming meeting on Thursday; in order to curtail inflationary pressure in major European regions. On data front, the French Flash GDP grew by 0.1% while the Prelim CPI changed by 0.4%. The result of Final Manufacturing PMI will remain in focus for the day. As seen in the chart, the index heading towards major resistance level of previous highs & may show a strong breakout if breaches the level. Buying on lower level may be recommended for the day.

Silver is trading at $23.682, 0.04% up since previous close. The mixed USD ahead of the result of FOMC meeting with lesser hawkish monetary stance & U.S Non-farm Payroll data release led flat to higher side trading in Silver prices today. However, the prices boosted last week as ECB Chief Lagarde hinted for aggressive rate hikes in next meeting by 50bps which widely cushioned the EURO & precious metals. The Silver 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, the Silver is strongly trading above the MA (100) & short term Moving Averages & hence, buying on correction may be recommended for the day.