GBP/USD is trading at 1.26142, 0.06% up since previous day close. The Sterling Pound seems to be trading slightly on higher side amid mixed USD ahead of the US FOMC meeting which is to be held today. The U.S revealed an improvement in inflation rate which made the US Dollar weakened & other currencies stronger. On data front, the U. K’s Claimant Count Change fell by 13.6K against the previous figure 23.6K & the Average Earnings Index grew by 6.5% from 6.1%. The traders will be looking forward to the result of GDP data which will be issued today. Buying on lower side may be recommended for the day in GBP/USD since the pair is trading above the support level of Fibo level 23.6.

INDIA50 is trading at 18613.3, 0.03% up since previous close. The SGX Nifty traded on higher side on Wednesday amid strong regional cues. The CPI & Retail inflation eased down as compared to last reading which widely boosted up the consumer sentiments. Globally, an improving US inflation rate rises the possibility of a pause in interest rate hike in today’s FOMC meeting which further cushioned the global indices. Earlier, the U.S President Joe Biden signed a debt ceiling bill to avert $31.4 trillion worth of debt repayment till January, 2025 over the weekend which turned out to be positive for US30. As seen in the chart, the index seems to be taking a support of short-term Moving Averages of period 10 & 20 which indicates the chances of buying momentum on intraday basis.

WTI Oil is trading at $69.58, 0.02% down since previous day close. The Oil prices retreated on Wednesday after surging higher in the previous session amid rise in Oil stocks level by 1.024 mbpd as per U.S American Petroleum Institute (API) report. On contrary, the positive cues after Chinese PBoC cuts down short term interest rate & improving U.S CPI rate remained positive for Oil prices. The outcome of U.S Energy Information Administration (EIA) report & U.S FOMC meeting which remain significant for Oil prices for the day. As seen in the chart, although the Oil is trading within a tight range, yet it is hovering below the short-term Moving Averages & hence, selling on rallies may be recommended for the day.