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Euro Trading On A Weaker Footing In The Asian Session

For the 24 hours to 23:00 GMT, the EUR rose 0.34% against the USD and closed at 1.1796.

In the US, data revealed that the Chicago Fed national activity index unexpectedly rose to a level of 0.34 in April, confounding market expectations for a drop to a level of 0.30. In the previous month, the index had registered a revised level of 0.32.

In the Asian session, at GMT0300, the pair is trading at 1.1783, with the EUR trading 0.11% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1734, and a fall through could take it to the next support level of 1.1686. The pair is expected to find its first resistance at 1.1814, and a rise through could take it to the next resistance level of 1.1846.

With no macroeconomic releases scheduled in the Euro-zone today, investors would direct their attention to the US Richmond Fed manufacturing index for May, slated to release later in the day.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

Pound Trading Lower, Ahead Of The BoE Governor’s Speech

For the 24 hours to 23:00 GMT, the GBP declined 0.16% against the USD and closed at 1.3433.

In the Asian session, at GMT0300, the pair is trading at 1.3419, with the GBP trading 0.10% lower against the USD from yesterday's close.

The pair is expected to find support at 1.3388, and a fall through could take it to the next support level of 1.3356. The pair is expected to find its first resistance at 1.3454, and a rise through could take it to the next resistance level of 1.3488.

Moving ahead, all eyes would be on a speech by the Bank of England's (BoE) Governor, Mark Carney, due in a few hours. Also, the release of UK's public-sector net borrowing data for April, will be on investors' radar.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

Japanese Yen Trading A Tad Higher This Morning

For the 24 hours to 23:00 GMT, the USD declined 0.05% against the JPY and closed at 110.93.

In the Asian session, at GMT0300, the pair is trading at 110.90, with the USD trading slightly lower against the JPY from yesterday’s close.

The pair is expected to find support at 110.71, and a fall through could take it to the next support level of 110.51. The pair is expected to find its first resistance at 111.25, and a rise through could take it to the next resistance level of 111.59.

Going ahead, Japan’s flash Nikkei manufacturing PMI for May, set to release overnight, will garner significant amount of market attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages

Swiss Franc Trading Slightly Lower In The Asian Session

For the 24 hours to 23:00 GMT, the USD declined 0.23% against the CHF and closed at 0.9966.

In the Asian session, at GMT0300, the pair is trading at 0.9969, with the USD trading marginally higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9954, and a fall through could take it to the next support level of 0.9939. The pair is expected to find its first resistance at 0.9993, and a rise through could take it to the next resistance level of 1.0017.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Loonie Trading Marginally Lower This Morning

For the 24 hours to 23:00 GMT, the USD declined 0.75% against the CAD and closed at 1.2776.

In the Asian session, at GMT0300, the pair is trading at 1.2777, with the USD trading a tad higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2733, and a fall through could take it to the next support level of 1.2688. The pair is expected to find its first resistance at 1.2854, and a rise through could take it to the next resistance level of 1.2930.

Amid no key macroeconomic releases in Canada today, investors would look forward to global macroeconomic events for further direction.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Aussie Trading Lower In The Asian Session

For the 24 hours to 23:00 GMT, the AUD rose 0.86% against the USD and closed at 0.7587.

LME Copper prices rose 1.14% or $77.5/MT to $6861.0/MT. Aluminium prices declined 0.81% or $18.5/MT to $2278.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7581, with the AUD trading 0.08% lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7525, and a fall through could take it to the next support level of 0.7469. The pair is expected to find its first resistance at 0.7615, and a rise through could take it to the next resistance level of 0.7649.

Moving ahead, traders would look forward to Australia’s Westpac leading index for April, slated to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

Gold: Yellow Metal Trading On A Weaker Footing This Morning

For the 24 hours to 23:00 GMT, Gold rose 0.21% against the USD and closed at USD1292.00 per ounce, amid weakness in the greenback.

In the Asian session, at GMT0300, the pair is trading at 1290.20, with gold trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 1283.30, and a fall through could take it to the next support level of 1276.40. The pair is expected to find its first resistance at 1295.00, and a rise through could take it to the next resistance level of 1299.80.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

Silver: White Metal Trading Lower In The Asian Session

For the 24 hours to 23:00 GMT, Silver rose 0.58% against the USD and closed at USD16.54 per ounce, tracking gains in gold prices.

In the Asian session, at GMT0300, the pair is trading at 16.50, with silver trading 0.21% lower against the USD from yesterday’s close.

The pair is expected to find support at 16.34, and a fall through could take it to the next support level of 16.18. The pair is expected to find its first resistance at 16.60, and a rise through could take it to the next resistance level of 16.71.

The white metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

Crude Oil: Oil Reverses Its Gains, Ahead Of API’s Weekly Crude Oil Inventories Data

For the 24 hours to 23:00 GMT, Crude Oil rose 0.93% against the USD and closed at USD72.54 per barrel, after the outcome of Venezuelan presidential election triggered worries that the country's oil production could fall further.

In the Asian session, at GMT0300, the pair is trading at 72.45, with oil trading 0.12% lower against the USD from yesterday's close.

The pair is expected to find support at 71.60, and a fall through could take it to the next support level of 70.76. The pair is expected to find its first resistance at 72.94, and a rise through could take it to the next resistance level of 73.44.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

Italian President Mattarella called meeting of political leaders after getting Prime Minster nomination

Italian President Sergio Mattarella called the leaders of the lower and upper houses of the parliament for a meeting today. That came after meeting with anti-establishment 5-Star Movement and far-right League, who have agreed on a deal to form a coalition government.

5-Star leader Luigi Di Maio said after meeting with Mattarella that Giuseppe Conte, a law professor but a political novice, "will be the prime minister of a political government". Maio hailed that Conte is "a person that can carry out the government contract" and he's "proud" of this choice. Leader of the League Matto Salvini also confirmed the name.

For now, it's uncertain whether Mattarella will appoint Conte as the Prime Minister, or he'd prefer a more high-profile figure.