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Oil prices plunge on Monday due to concerns in soaring COVID-19 cases in India, which will push down fuel demand in the world's third biggest oil importer.

India sets a global record these past 3 days for a staggering rise of 1 million coronavirus cases, surpassing its total caseload of 17 million, while deaths leaped by an all-time high over the last 24 hours. People are now hoarding oxygen and essential medicines in homes, raising fears and panic, and causing supply shortages in hospitals.

Brent crude is down -1.42%, to $64.50 a barrel by 08:50 AM GMT, while WTI fell -1.46%, to $61.20 per barrel.

Event to watch out for this week is the 16th OPEC and non-OPEC Ministerial Meeting where they will discuss the ongoing positive contributions of the Declaration of Cooperation (DoC) in supporting a rebalancing of the global oil market.

Today’s trading range would be between $63.80 to $64.66, with a support level of $58.50 and a resistance level of $62.45.

The AUD/USD pair is inching higher in early trading Thursday following a reversal to the upside of the previous days, peaking at 0.7763 due to declining US Treasury yields, which the aussie is taking advantage of and investors are turning to the risk-sensitive pair.

Australia’s retail sales figures for March were better-than-expected, but not high enough to change the outlook for monetary policy. Also, a surge in gold prices triggered a yesterday’s bullish session, leading to a higher close.

On the other hand, the greenback has extended its downtrend, remaining near to multi-week lows, while the US Treasury yield was edging lower and lower at 1.55% (-0.65%).

Today’s chart shows that buying range would be between 0.7710 to 0.7700, with a support region at 0.7725, and a resistance level at 0.7752.

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GBP/USD settled above the resistance at 1.3874 in early European session on Monday and is now heading to the next resistance of 1.3915. The pair started strong at the start of the week as the greenback index and US Treasury yields are edging lower.

The only important economic event happening this week is the virtual meeting of European Central Bank (ECB) to discuss about monetary policy. With this, traders will focus on general market sentiment and U.S. government bond markets.

As suggested by today’s chart, the trading range would be between 1.3800 to 1.3780, with a support of 1.3797.

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UK stocks traded high on Thursday at 7 am GMT, bolstered by the earnings season on Wall Street, and driven by UK's surge in metals companies led by Rio Tinto, Anglo American, and BHP.

On the other hand, the greenback hit its lowest in 4 weeks as Fed’s dovish message weighed on it. The dollar index, plummeted to the lowest since March 18 at 91.559.

As suggested by today’s chart, FTSE 100 will continue its uptrend with a buy range of 6,902 to 6,885, support of 6,890, and a resistance of 7,350.

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Inflation has become one of the biggest fears for the market since the end of last year, but the Fed has been shrugging it off and down playing the concerns. Now, the financial markets are bracing the inflation report today that will challenge the Federal Reserve’s sternness. Investors awaiting the March US inflation print and the market reaction to it that is expected to rise to 2.5%. 

The surge in inflation is mostly driven by the rise in oil prices as base effects will lift the annual increase since the height of the pandemic in March 2020. Everyone is now curious as to how much the rise in oil prices feeds into core inflation.

With the U.S. quick recovery and reopening economy, it will generate some pick-up in inflation, resulting in soaring demand and supply chain issues which will lead to shortages. As its rollout of vaccination continues to pick up pace, newly vaccinated consumers are also expected to resume traveling outside the country, which could create a temporary rise in inflation.