AUD/USD is trading at 0.64067, 0.18% down since previous day close. A heavy sell-off can be seen in Aussie on Wednesday after Retail Sales grew by just 0.6% lower than previous figure 1.3% which weakens the pair even more. Majorly, the surging USD as recessionary tension looms across the globe led the other currencies to trade on lower side. Last week, the FOMC raised an interest rate by 75bps as expected while turning more hawkish than expected for future monetary stance & weaker Chinese economic growth made antipodean currencies weaker. As seen in the chart, the pair is trading below Fibo level 61.8 which makes AUD/USD t trade hover in selling zone for short term basis.

Gold is trading at $1624.98, 0.21% down since previous close. The strong USD pressurizes the precious metals like Gold & Silver since last few sessions. Last week, the Fed raised an interest rate by 75bps as expected; how-so-ever hinted for more aggressive rate hikes until year 2023 to get an interest rate above 4.00%. The rise in recession fear amid high inflation rate lowers down the consumption demand of Gold & other metals. The focus will remain on Fed Chair Powell & ECB President Lagarde speech due today. As seen in the chart, the Gold almost down the cluster support of previous lows & a strong breakdown can be seen if sustained at lower levels. Selling bias may be suggested for the day in Gold.

GER30 is trading at 12004.8, 0.37% down since previous day close. The European markets are trading on lower side following the selling pressure seen in other global peers. The rising inflationary fear & escalating geopolitical tensions led the buying in US Dollar Index & selling in global equity markets. Last week, the FOMC revealed an interest rate hike of 75bps leading to the range of 3.00% to 3.25%. However, the Fed remains more hawkish for future monetary policy; for hinting more aggressive rate hikes. The ECB President Lagarde speech & German GFK Business Climate data release will remain vital for the day. As seen in the chart, the selling pressure may be established further & hence, weakness may be noticed further.