WTI Oil is trading at $90.86, 0.13% down since previous day close. The Oil slid down on Wednesday post release of U.S EIA report which showed a rise in Oil inventories by 4.5 mbpd against the expected fall of 1.4mbpd. Also, the OPEC 7 its allies hinted for mild increase in Oil output levels for the month August which further pushed down the Oil prices. Last week, the Fed turned less hawkish for future rate hikes which weakened the USD & pushed up the dollar-denominated commodity like WTI Oil. Majorly, the rising inflationary pressure may turn bearish for prices amid lesser consumption demand.  Heavy selling may be seen in the commodity if it breaches the current major support level of $90.00.

GER30 is trading at 13622, 0.09% up since previous day close. The indices slightly gained amid mixed global cues. The better earnings results & cooling down Oil prices led buying pressure in equity markets. Also, the traders remain cautious ahead of the release of Non-farm Payroll data which is set to issue on Friday. Last week, the index rallied as optimism loomed over market scenario & Fed’s gradual monetary tightening stance in the near future. The German Final Services PMI climbed to 49.7 from 49.2 in the previous month while the outcome of German Factory Orders will remain in focus for the day. As seen in the chart, the index US100 is trading above the major support level of previous lows & hence, buying may be seen for the day.

GBP/USD is trading at 1.21503, 0.02% up since previous day close. The Sterling Pound appreciates on Thursday as traders eyes the outcome of Bank of England (BoE) meeting which is to be held today with a focus on rate hike move by 50bps in order to tame down inflation. Last week, the soft USD after Fed hiked rate as expected; however hinted for a slowdown in rate hike process in near future led buying bias in major currencies. The U.K Final Services PMI fell to 52.6 from 53.3 in the previous month which slightly dragged down the pair GBP/USD.  As seen in the chart, the pair reversed up after the testing the major support level & is trading near Fibo level 23.6 which acts as a major resistance. Sideways trading may be recommended for the day in GBP/USD.