GBP/USD is trading at 1.21805, 0.09% up since previous day close. The Pound appreciated in early trade on Wednesday against the soft USD as U.S CPI data showed an ease-down in concern since the figure grew by 0.4% lower than previous rise. This again reduces the chances of higher rate hike in Fed’s next meeting. Besides this, ongoing ruction in banking system in U.S post-closure of SVB & Signature Banks led weakness in USD & slight bullishness in major currencies. The U.K.’s better than expected Employment data further contributed upside in GBP/USD. The focus will be on the result of Annual Budget Release today. As seen in the chart, the pair reversed upside from lower trend-lien of channel pattern & hence, buying on dips may be recommended further.

WTI Oil is trading at $72.39, 0.08% up since previous day close. The Oil prices slightly recovered on Wednesday as major Oil consuming country, the China, showed an improvement in its key economic data which may increase the demand of Oil. However, the price slid down to lower levels of $72 post release of U.S API estimates which showed a build-up in oil stocks level by 1.55 mbpd against the expected rise of 0.555 mbpd. Globally, ongoing U.S financial & banking crisis may affect the demand of global commodities. The result of U.S EIA report will remain in focus for the day. As seen in the chart, the Oil is firmly trading near lower trend-line of channel & hence, slight selling may be continued further for the day.

CHNIND is trading at 6558, 0.20% up since previous day close. The Asian shares recovered on Tuesday & the gains seems to be extended in today’s session as USD weakens post release of better U.S inflation data. The CPI rate eases down by just an increase of 0.4% against 0.5% in the previous month which may reduce the chances of aggressive rate hikes in Fed meet. Regionally, the China posted robust Retail Sales data which grew by 3.5% from -1.8% previously; adding on the robust industrial figures. As seen in the chart, the index is trading at MA (100) & also, corrected till Fibo level 50.0 which acts as major support level & indicates the chances of reversal if sustained. Strong buying bias may be suggested for the day in CHNIND.