GBP/JPY is trading at 154.132, 0.18% up since Tuesday. The softer USD amid Fed’s dovish stance over rate hike turned out to be supportive for other counterparts. The U.K Public Sector Net Borrowing rose to 31.0B from 25.5B in the previous month which pushed up the GBP/JPY. The better than expected PMI figures released last week adds on the bullishness in Pound. The Japan’s SPPI rate grew by 1.0% from 0.7% in the previous month which makes GBP/JPY more expensive. The progressive distribution of Covid-19 vaccine doses remains positive for the pair. As seen in the Monthly chart, the GBP/JPY is trading near the major resistance of previous highs & hence, buying on dips may be recommended on daily basis.

Silver is trading at $27.791, 0.36% up since previous close. The precious metals rose on Wednesday against the soft USD after FOMC showed a dovish outlook towards interest rate hike decision; easing down the rising inflation worries. Besides this, an improvement in global recovery remains supportive for Silver since the commodity is as industrial metal; for the consumption demand of the same rises. The weaker U.S New Home Sales & Consumer Confidence data weakened the USD & cushioned the Silver. As seen in the chart, the V-shape recovery can be noticed in Silver which clearly signals the buying bias on short term basis. Also, i[side moving RSI line further supports the momentum.

INDIA50 is trading at 15290.6, 0.23% up since previous day close.  A sharp upside can be seen in SGX Nifty on Wednesday since global as well as regional sentiments strengthened. The Fed vice Chair hinted a dovish stance over interest rate hike which gave a sigh of relief over monetary tension amongst the investors & hence, this gave a major support to Asian shares as well. The progressive supplies of Covid-19 vaccine doses & recovery in economic conditions remained major support for INDIA50. The provision of multiple schemes by RBI further adds on the bullishness. As seen in the chart, the index is forming higher highs & is consistently trading above the MA (10) & MA (20). This indicates strong buying on daily basis in INDIA50.