NZD/USD is trading at 0.62284, 0.04% up since previous day close. The Kiwi slightly inches up in early trade on Wednesday after RBNZ lifted up an interest rate by 50 bps as expected leading to 4.75% from 4.25%. The move was adopted in order to tame down the rising inflation. Also, the cyclone Gabrielle affected the crops production & supplies which further add on to high inflationary concern. Globally, the strong USD ahead of the U.S FOMC Minutes which is to be released today subdued other major currencies. As seen in the chart, the pair moved down since last few sessions with heavy trading volumes & is, now, hovering near previous lows. The make or break situation can be recommended for the day in NZD/USD.

US30 is trading at 33215.3, 0.19% down since previous close. A heavy sell-off can be seen in U.S markets amid rising fear over Fed’s Minutes release today which will focus on upcoming monetary decision. Last week, the higher change in PPI & CPI rate change as issued by U.S raises the chances of aggressive rate hike fear in Fed’s next meeting which limits the upside in equities. On data front, the U.S issued better PMI figures on Tuesday wherein the Services PMI rose to 50.5 from 46.8 in the previous month & the Manufacturing PMI climbed to 47.8 against the expectation 47.4. As seen in the chart, the US30 slid down crossing down MA (100) & is hovering near lower trend-line of converging trend-lines. This signifies cautious trading approach in US30 on daily basis.

WTI Oil is trading at $76.18, 0.16% down since previous day close. The Oil price seems to be trading on the lower side; extending the previous sessions’ momentum. The strong USD ahead of the FOMC Minutes release due today led selling pressure in dollar denominated commodities like WTI Oil. Earlier in this week, the prices slightly moved up after North Korea fired two more ballistic missiles off its east coast in order to warn U.S forces to halt the military drills. The recent U.S Baker Hughes report showed mild changes in Oil rig counts as compared to last week. The result of U.S API report will remain in focus for the day. Slight selling on pullback may be suggested for the day in WTI Oil on daily basis.