GBP/USD is trading at 1.27323, 0.06% up since previous day close. The sterling Pound turned on higher side on Monday after plunging down in the last week. The Bank of England (BoE) meet surprisingly hiked an interest rate by 50bps leading to 5% from 4.50%. Besides this, the Fed Chair Powell hinted for smaller interest rate hike chances in this year which further pressurized the currencies. The U. K’s Flash Manufacturing PMI fell to 46.2 & Flash Services PMI dropped to 53.7 from the respective previous figures of 47.1 & 55.2. As seen in the chart, although the pair reversed down from major resistance level; yet it seems to be taking a support of MA (10) & MA (20) & hence, slight buying bias may be established for the day.

GER30 is trading at 15983.3, 0.12% down since previous close. Some sort of correction can be seen in GER30; however, the momentum may be short-lived since the panic over Fed’s hawkish monetary stance seems to be digesting amongst the traders. The BoE’s surprise move of raising interest rate by 50 bpd higher than expected hike of 25bps further led a selling pressure. The German Flash Manufacturing PMI fell to 41.0 from 43.2 & the German Flash Services PMI dropped to 54.1 lower than expectation 56.3. As seen in the chart, an index retraced down till lower trend-line of bullish channel pattern while the ADX line is moving sideways. A breakdown can be seen if breached the level otherwise a reversal may be expected if sustained.

WTI Oil is trading at $69.36, 0.17% down since previous day close. The Oil prices slightly moved up on Monday amid a clash between Moscow & Russian mercenary group Wagner was averted on Saturday which led to political instability can be seen in Russia. This may affect the Oil supplies since Russia is a top producer of Oil & hence, prices moved up. However, the mixed USD on an account of hawkish Fed monetary stance led to selling pressure in Oil prices in last week. The result of U.S API & EIA report will remain into focus for the week. As seen in the chart, the Oil is still trading below the short-term Moving Averages & hence, slight selling bias may be seen for the day