Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

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.

Ready to trade our Forex daily forecast? We’ve shortlisted the top forex brokers in the industry for you. 

Top Forex Brokers

    Adam Lemon
    About Adam Lemon

    Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


    Most Visited Forex Broker Reviews