NZD/USD is trading at 0.61554, 0.09% down since previous day close. The Kiwi slid down on in early trade on Monday post release of weaker Retail Sales data which fell by 0.6% against the expected rise of 0.2% & the Core Retail Sales dropped by 1.3% from 0.5% in the previous month. These signaled for slowdown in New Zealand’s industrial activities. On global front, the strong USD after Fed Minutes showed the chances of aggressive rate hike stance in its next meeting led selling pressure in other major currencies. The result of ANZ Business Confidence data will remain in focus on Tuesday. As seen in the chart, the pair is hovering near MA (200) which acts as a major support level & hence, make or break situation can be suggested for the day.

GER30 is trading at 15277.8, 0.12% down since previous day close. The European shares slid down amid multiple cues like resurging USD & U.S bond yields and hawkish Fed commentary over rate hide decision. Last week, the German Manufacturing PMI dropped to 46.5 from 47.3 in the previous month & the Flash Services PMI rose to 51.3 against the previous figure 50.7. Also, the focus will be on ECB’s meeting which is to be held in the month of March; with a focus on interest rate hike stance. The result of Euro-zone Money Supply & Private Loans data will remain in focus for the day. As seen in the chart, the index reversed down from major resistance of previous highs & is hovering near Fibo level 23.6. The cautious trading may be recommended for the day in GER30.

WTI Oil is trading at $76.04, 0.01% up since previous day close. The range bound trading can be seen in Oil prices amid mixed view over changing demand from China & other economies. On Friday, the U.S Baker Hughes report showed a drop-down in Oil rig counts by 7 leading to 600 from 607 in the previous week. Last week, the U.S EIA report showed a build-up in Oil inventory levels by 7.6 mbpd against the expected rise of 2.9 mbpd which dragged down the prices. Globally, the strong USD post FOMC Minutes hinting for aggressive rate hikes in next Fed meeting led selling pressure in WTI Oil. As seen in the chart, the Oil is trading within the consolidation phase which indicates make or break momentum.