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Forex Today: Asian Stocks Advance on Modi Landslide

The landslide re-election of India’s Prime Minister Modi has sent Indian stocks sharply higher to new record prices, as well as boosting other Asian and global stocks, while the Indian Rupee sees gains.

  1. India’s government, led by Prime Minister Narendra Modi, was re-elected for a third consecutive governing term with a landslide victory. This result has been welcomed by markets, sending the Indian Nifty 50 equity index rocketing to a new record high, in line with the trend of recent days and weeks. However, towards the end of the day the index gave up most of its earlier gains, possibly a result of “buy the rumour, sell the fact”. The Indian Rupee also advanced, sending the USD/INR currency pair to trade at a new 2-month low price earlier today.
  2. In the Forex market, the strongest major currency since the Tokyo open is the Swiss Franc, while the Japanese Yen is the weakest major currency, putting the CHF/JPY currency cross in focus today. The NZD/JPY cross has also advanced bullishly, rising to a new 16-year high. I noted the potential of certain Yen crosses on the long side in my weekly Forex forecast yesterday. The question regarding the Japanese Yen is whether there will be further intervention by the Bank of Japan if the currency continues to weaken.
  3. The precious metal Silver is falling to threaten the pivotal support level at $29.85. A bullish bounce there could be a buying opportunity, especially for trend traders. Alternatively, if the price makes a sustained break below that level, it could be a very bearish sign.
  4. There will be releases today of US Final Manufacturing PMI and ISM Manufacturing PMI data.

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