NZD/USD is trading at 0.63607, 0.21% up since previous day close. The Kiwi appreciated in early trade on Thursday post release of Building Consents data which grew by 7.0% from -10.7% in the previous month. Besides this, the steady USD ahead of the U.S CPI data release event remains slightly supportive for other currencies. Last week, the pair traded on higher side as traders hope for an interest rate hike by just 25 or 50 bps in the next Fed meeting. An improving Chinese economic conditions further cushioned Kiwi since China & New Zealand are the trading partners. Buying bias may be suggested since the pair almost crossed over major resistance level of previous highs.

CHNIND is trading at 7311.8, 0.11% up since previous close. The Asian shares surges higher in early trade on Thursday as markets are waiting for U.S CPI data release event today. On regional front, the Chinese markets moved on higher side after restrictions & lockdowns in China seems to be easing down; reviving the economic conditions. The China’s CPI rate grew by 1.8% as expected while the PPI rate fell by 0.7% less weak than previous reading. On global front, the chances of smaller rate hikes in coming FOMC meetings on account of stronger U.S NFP figures led a strong buying bias in equity markets. The focus will be on country’s Trade Balance data release due this week. Buying on lower side may be recommended for the day in CHNIND. Resistance – 7

WTI Oil is trading at $77.47, 0.06% up since previous day close. The Oil prices moved up despite of bullish estimates from U.S Energy Information Administration (EIA) report which showed a massive rise in Oil inventory level by 19.0 mbpd against the expected fall of 2.0 mbpd. The prices recovered against the soft USD on rising chances of smaller rate hikes in Fed’s next meeting on an account of better than expected U.S Non-farm payroll data. The Saudi Arabia cuts down the Oil selling prices to Asia & Europe which cushioned the prices. On contrary, the global recessionary pressure & rising Covid-19 cases in China may affect the consumption demand of Oil. Slight buying bias may be recommended for the day in WTI Oil.