NZD/USD is trading at 0.63355, 0.18% up since previous day close. The mild recovery can be seen in Kiwi as market sentiments settles down after confessing mayhem last week. The strong USD amid rise in U.S CPI rate led selling pressure in other currencies earlier. On data front, the country’s Business NZ Manufacturing Index           which fell to 51.2 from 53.7 in the previous month. The Fed’s decision of increasing interest rate, the lockdown in China on account of rising Covid-19 cases & growing tension between Europe & Russia further weakened the commodity backed currencies. As seen in the chart, the pair NZD/USD seems to be recovering upwards after testing crucial zone & hence, slight pullback can be seen till the Fibo level 23.6.

UK100 is trading at 7459, 0.13% up since previous day close. The U.K index sharply moved up in last two trading sessions amid steady USD which rose to 20-year highs last week. The recent release of U.S CPI data which showed a rise in inflation rate by 0.3% higher than expectation increases the chances of interest rate hikes in the forthcoming meetings. Besides this, the worsening Covid-19 situation China, the FOMC’s decision of raising interest rate by 50 bps & the rising tension between Russia & Europe made indices to trade on lower side. The result of U.K’s employment data will remain in focus for the day. As seen in the chart, the index seems to be trading above Fibo level 23.6 after reversing up from Fibo 61.8; indicating buying zone for UK100.

WTI Oil is trading at $111.17, 0.23% up since previous day close. Uncertain chances of Europe banning Oil & gas imports from Russia remained supportive for Oil prices. Last week, the U.S Baker Hughes report showed a rise in Oil rig counts by 9 as compared to last week. The mounting Covid-19 cases in China affect the consumption demand of Oil & its prices; since China is a leading Oil consumer. This may remain vital for prices. The result of American Petroleum Institute (API) report will remain in focus for the day. As seen in the chart, the oil is hovering above the short term MA (10) & MA (20) which acts as a major support level & hence, slight buying bias may be seen for the day.