Trading has been relatively quiet in Asian session today. Dollar regained some ground overnight following hawkish minutes from the latest FOMC meeting, which revealed that several members are prepared to support further rate hike if necessary. Despite this, the greenback lacks clear follow-through momentum at present. For a more sustained near-term rebound, Dollar will need additional support from upcoming economic data, including today's jobless claims and PMIs, as well as tomorrow's durable goods orders.
Australia's PMI Manufacturing remained steady at 49.6 in April, a joint 9-month high. PMI Services dropped slightly from 53.6 to 53.1, while PMI Composite decreased from 53.0 to 52.6.
As trading progresses into US session, activity in the forex markets remains relatively muted. Euro is showing signs of recovery ahead of key support levels against Dollar and crucial support against Sterling. Eurozone PMIs revealed that economic recovery is strengthening, with Germany, the region's largest economy, finally catching up. Despite this positive data, Euro's gains are still modest.
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Studies from market watchdog SEBI show that 90 percent of active retail traders lose money when trading derivative contracts. SEBI has issued repeated warnings about the surge.In recent days, Chief Economic Advisor V. Anantha Nageswaran and Finance Minister Nirmala Sitharaman issued a warning regarding the increasing number of retail participants in the equity futures and options market.