GBP/USD is trading at 1.24828, 0.16% up since previous day close. The Pound moved up against soft USD as U.S releases weaker than expected corporate earnings for the last quarter & also, the traders are expecting downbeat results from tech companies this week. The steady USD as traders remain suspicious over the chances of higher interest rate hike in the next FOMC meeting as hinted by few of the Fed officials made other basket of currencies slightly stronger. The U. K’s mixed PMI figures failed to show any major momentum in GBP/USD. As seen in the chart, the pair is forming a consolidation phase at previous highs & is trading above the short-term Moving Averages & hence, buying on dips may be seen further.

JAP225 is trading at 28623.3, 0.21% up since previous close. The mixed trading can be seen in Asian markets today amid mixed sentiments over ongoing U.S corporate earnings season which shows weak results for the last quarter. However, the focus is on FOMC’s upcoming meeting which is to be held in the month of May; with a hope of raising interest rate by 25bps. In Japan, the BoJ Core CPI grew by 2.9% from 2.7% in the previous month & the SPPI rate grew by just 1.6% lower than expectation 1.7%. The growing tension between U.S & China over Taiwan & ongoing corporate earnings season may remain significant for indices. As seen in the chart, the index is trading within the bullish channel pattern & hence, buying on lower side may be recommended for the day.

WTI Oil is trading at $78.71, 0.13% up since previous day close. The Oil prices edges on higher side on Tuesday; recovering its earlier losses against the soft USD. The commodities trades mixed ahead of the FOMC meeting with a hope of 25bps rate hike stance as hinted by the few FOMC officials. The latest development in OPEC+ decision of cutting down May output level made the commodity to test $80 levels in last week. The U.S Baker Hughes report showed a mild rise in Oil rig counts by 3 leading to 591 from 588 in the previous week. The result of API & EIA reports will remain in focus for the week. As seen in the chart, the Oil retraced down till MA (100) indicating a reversal or a breakdown on short term basis.