EUR/USD is trading at 1.06230, 0.08% down since previous day close. The EURO weakened against the strong USD as majority of Fed policy makers supports the aggressive rate hike stance in the next FOMC meeting. The fear still looms over the market & hence, softens the major currencies. The Euro-zone Flash Manufacturing PMI fell to 48.5 from 48.8 in the previous month while the Flash Services PMI rose to 53.0 from 50.8 previously. This mixed data failed to create any major impact on EUR/USD. The focus will be on economy’s Final CPI data release event which will be held today. As seen in the chart, the pair is hovering near MA (100) & Fibo level 38.2 which acts as major support levels. Wait & watch strategy may be seen for the day.

INDIA50 is trading at 17554.3, 0.21% down since previous close. The SGX Nifty showed a heavy sell-off in the previous session as fear loomed over aggressive rate hike stance in the next FOMC meeting; as hinted by Fed Minutes on Wednesday. How-so-ever, the outcome was very much anticipated & the effect seems to be already factored-in. The likelihood of recovery mode can be witnessed on day to short term trading. On regional front, ongoing Adani-rout & higher inflation rate in India led selling pressure in INDIA50. As seen in the chart, the INDIA once again slid down till Fibo level 61.8 & also, the current level is previous low as well. If sustained & double bottom has been formed, then a reversal can be expected in near term. Wait & watch strategy may be adopted further.

WTI Oil is trading at $74.25, 0.31% down since previous day close. The Oil prices slightly inches up in early trade on Thursday as Russian Oil supply cuts seems can be bigger than expected for the near term. Earlier, the prices slid down after U.S API report showed a massive build-up in Oil stocks level by 9.89mbpd against the expected rise of 1.233 mbpd. The strong USD post FOMC Minutes hinting for aggressive rate hikes in next Fed meeting led selling pressure in dollar denominated commodities like WTI Oil. The result of U.S Energy Information Administration (EIA) report will remain in focus for the day. Slight selling on pullback may be suggested for the day in WTI Oil on daily basis.