2023-10-13 09:05

Market Update - 13 October 2023 USD/CHF reclaims the 200-day moving average and sets its sight at 0.9110, the latest cycle low. Key resistance levels lie at 0.9100, followed by 0.9110 and 0.9245. The major could turn bearish, below 0.9019, with bears targeting the 50-DMA at 0.8939. (FXStreet) The USD/JPY climbed on Thursday, extending a bullish recovery for the pair. The US Dollar is inching towards the 150.00 level once again as the Greenback climbs on risk-off markets. US CPI inflation data beat has markets worried that the Fed will keep interest rates higher and longer than previously anticipated. (FXStreet) EUR/USD edges higher during the Asian session and draws support from a modest USD downtick. The uncertainty over the Fed’s future rate-hike path keeps a lid on the US bond yields and the USD. Bets that the ECB is done hiking rates might hold back traders from placing aggressive bullish bets. (FXStreet) NZD/USD remains under some selling for the third straight day and drops to over a one-week low. The mixed Chinese inflation figures and a mildly softer USD fail to lend any support to the major. The fundamental backdrop suggests that the path of least resistance for the pair is to the downside. (FXStreet) GBP/USD recovers from losses registered after optimistic US economic readings. US headline inflation surpassed the expectations; while jobless claims printed a lower reading than expected. The recent downbeat UK data might have put pressure on the Pound Sterling. (FXStreet) USD/CAD meets with some supply on Friday, though the downside seems limited. An uptick in Oil prices underpins the Loonie and exerts pressure amid a softer USD. Bets for one more Fed rate hike in 2023 should limit losses for the buck and the pair. (FXStreet) USD/MXN retraces recent gains post Banxico’s meeting minutes. US headline inflation surpassed the expectations; while jobless claims printed a lower reading than expected. The recent barrage of positive US data has ignited discussions about the Fed’s interest rate trajectory. (FXStreet) WTI draws support from concerns about tightening global supply, though the upside remains capped. Investors seem worried that rising interest rates will hamper economic activity and dent fuel demand. Receding fears over potential supply disruptions due to the Israel-Gaza conflict acts as a headwind. (FXStreet) Gold price catches fresh bids on Friday and reverses a part of the overnight losses. A modest downtick in the US bond yields undermines the USD and lends support. Geopolitical tensions also benefit the XAU/USD, though the upside seems capped. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-12 09:24

Market Update - 12 October 2023 USD/JPY remains confined in a familiar range, forming a rectangle on short-term charts. The technical setup seems tilted in favour of bulls and supports prospects for further gains. Traders now seem reluctant and prefer to wait on the sidelines ahead of the US CPI report. (FXStreet) USD/CAD continues to gain after robust US wholesale inflation data. US CPI suggests a decrease in the annual rate for September. Downbeat Crude oil prices contribute to pressure on the Canadian Dollar. (FXStreet) GBP/USD moves upward on divergence in viewpoints disclosed in the FOMC minutes. US Dollar remains defensive despite robust wholesale inflation data. US CPI suggests a decrease in the annual rate for September. (FXStreet) GBP/JPY sticks to modest intraday gains near the multi-week top touched earlier this Thursday. The BoJ’s dovish stance, a positive risk tone continues to undermine the JPY and lend support. Traders now look to the UK macro data before positioning for any further appreciating move. (FXStreet) EUR/USD steadily climbs back to over a two-week high touched on Wednesday amid a softer USD. Expectations that the Fed is nearing the end of its rate-hiking cycle continue to undermine the buck. Bulls now seem reluctant and keenly await the release of the US CPI report before placing fresh bets. (FXStreet) WTI hits a fresh weekly low on Thursday and is pressured by a combination of factors. Receding fears over potential supply disruptions due to the Israel-Gaza conflict weigh. A weaker USD could lend some support ahead of the official EIA US Oil inventory data. (FXStreet) NZD/USD faces selling pressure near 0.6040 as the US Dollar rebounds ahead of inflation data. The market mood is still upbeat as the Fed is expected to keep interest rates unchanged at 5.25-5.50%. NZD/USD rebounded quickly after discovering buying interest near the support zone placed in a range of 0.5850-0.5870. (FXStreet) USD/MXN oscillates in a narrow trading band near a one-week trough touched on Wednesday. The mixed technical setup warrants caution for bears and before positioning for deeper losses. A sustained strngth beyond the 38.2% Fibo. level will set the stage for some maningful upside. (FXStreet) EUR/GBP snaps the losing streak despite the downbeat economic data from the UK. Euro faces a challenge as the ECB is expected to keep interest rates unchanged in the upcoming meeting. ECB’s Yannis stated that there is little benefit in accelerating the conclusion of the PEPP. (FXStreet) USD/CHF continues the losing streak on the Fed’s interest rate trajectory. US Dollar extends losses despite robust wholesale inflation data. US CPI suggests a decrease in the annual rate for September. Swiss Franc might receive buying support on the Middle-East conflict. (FXStreet) Gold price builds on its recent recovery from a multi-month low and climbs to a two-week high. Geopolitical tensions, sliding bond yields and a weaker USD continue to lend support to the metal. The US CPI report could offer fresh cues about the Fed’s rate-hike path and provide some impetus. (FXStreet) Silver gains some follow-through traction on Thursday and advances to a near two-week high. The technical setup warrants some caution for bulls and before positioning for additional gains. Weakness below the $21.60-55 area will suggest that the recovery momentum has lost steam. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-11 09:25

Market Update - 11 October 2023 GBP/USD scales higher for the sixth successive day and climbs to a near three-week high. Retreating US bond yields and a positive risk tone undermine the USD and lend support. Traders now look to the US PPI and FOMC meeting minutes for some meaningful impetus. (FXStreet) EUR/USD trims the intraday gains ahead of US economic data. MACD indicator suggests a change in momentum towards a bullish trend. Support at nine-day EMA, following the psychological level at 1.0500. (FXStreet) NZD/USD touches a one-month peak on Wednesday and is supported by a softer USD. Reduced bets for more rate hike by the Fed and a positive risk tone weighs on the buck. Investors now look to the US PPI and the FOMC minutes for some meaningful impetus. (FXStreet) USD/CAD moves upward near the 1.3600 major level. MACD indicates a change in momentum towards a bearish trend. Resistance at 1.3650 psychological level, followed by the weekly high. (FXStreet) USD/JPY seesaws between tepid gains/minor losses through the European session on Wednesday. A positive risk tone, and the BoJ’s dovish stance, undermine the JPY and lend support to the pair. Retreating US bond yields keeps the USD bulls on the defensive and continues to act as a headwind. Traders now look to the US PPI and the FOMC meeting minutes for some meaningful opportunities. (FXStreet) The index trades in the lower end of the range near 105.70. Investors’ attention will be on the release of Producer Prices. The Fed will publish its Minutes of the September meeting. The USD Index (DXY), which gauges the greenback vs. a basket of its main rival currencies, remains under pressure following the recent breakdown of the 106.00 support. (FXStreet) USD/CHF experienced challenges due to the dovish remarks by the Fed. The escalation of the Middle-East conflict could contribute support for the Swiss Franc. Investors await Core PPI and FOMC minutes, seeking fresh impetus on inflation overview in the US. (FXStreet) USD/INR trades slightly higher on the Fed’s likelihood of halting the interest rate-hike cycle. The default situation by China's Country Garden could potentially affect the Asian currencies. The dovish comments from Fed policymakers are contributing to pressure on the US Dollar. (FXStreet) USD/MXN struggles to gain any meaningful traction, though the bias remains tilted in favour of bulls. Any further slide could attract fresh buyers near the 17.80 confluence breakpoint, now turned support. A convincing break below the 23.6% Fibo. level is needed to negate the near-term constructive outlook. (FXStreet) WTI gains some positive traction during the Asian session, though lacks bullish conviction. Easing concerns about potential supply disruptions due to the Israel-Gaza conflict cap gains. Worries about tight global supply and a softer USD continue to act as a tailwind for Oil prices. (FXStreet) Gold price trades with modest intraday gains during the early European session on Wednesday. Reduced bets for more interest rate hikes by the Fed and geopolitical tensions lend some support. Traders look for cues about the Fed’s next policy move before placing aggressive directional bets. (FXStreet) Silver catches fresh bids on Wednesday and advances to over a one-week high. The technical setup warrants some caution before positioning for further gains. A sustained move beyond $22.20-30 will be seen as a positive trigger for bulls. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-10 09:15

Market Update - 10 October 2023 USD/CAD continues the losing streak due to the improved Crude oil prices The Mid-East tension persists; and contributes support for the oil prices. Investors downplay the likelihood of additional rate hikes following the dovish remarks made by Fed officials. (FXStreet) USD/JPY stages a modest intraday recovery from a one-week trough touched earlier this Tuesday. The uptick lacks follow-through in the wake of retreating US bond yields and subdued USD demand. The mixed technical setup warrants some caution before positioning for a firm near-term direction. (FXStreet) EUR/USD moves lower near 1.0550 due to recovery in the US Dollar. MACD indicates a change in momentum and a possible shift towards a bullish trend. The major level at 1.0500 could act as the support, following the previous week’s low at 1.0448. (FXStreet) EUR/GBP attracts fresh buyers near the 0.8630 support zone or a nearly two-week low. Some repositioning trade ahead of President Christine Lagarde's speech lends support. The mixed fundamental backdrop warrants caution before positioning for further gains. (FXStreet) USD/CHF rebounds from the three-week low as the US Dollar attempts to snap the losing streak. Swiss Franc receives buying support due to its safe-haven status amid the Middle-East conflict. The probability of policy rate hikes fades due to the dovish remarks made by Fed officials. (FXStreet) The index reverses an initial drop to 105.90. The NFIB index, Wholesale Inventories are next on tap in the docket. Fedspeak will take centre stage later in the NA session. The greenback, in terms of the USD Index (DXY), navigates a tight range just above the 106.00 hurdle on turnaround Tuesday. (FXStreet) USD/MXN lacks any firm intraday direction on Tuesday and remains confined in a narrow range. The technical setup favours bulls and supports prospects for an extension of a one-month-old uptrend. A convincing break below the 23.6% Fibo. level is needed to negate the near-term positive outlook. (FXStreet) Crude oil prices received upward support due to the Palestine-Israel conflict. The escalation of the Mid-East tension could involve Iran and Saudi Arabia. US oil giant Chevron is instructed to cease production at its Tamar natural gas field. The sentiment around rate hikes fades due to the dovish remarks made by Fed officials. (FXStreet) Gold price meets with some intraday selling after rising to over a one-week high on Tuesday. A positive risk tone and the emergence of fresh USD buying exert pressure on the XAU/USD. Geopolitical tensions in the Middle East could lend some support to the safe-haven commodity. Gold price (XAU/USD) registered str (FXStreet) Silver meets with a fresh supply and erodes a part of the overnight gains to a one-week high. The technical setup seems tilted in favour of bears and supports prospects for further losses. A sustained strength beyond the $22.20-30 region is needed to negate the negative outlook. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-09 09:42

Market Update - 09 October 2023 USD/JPY opens with a modest bearish gap on Monday, though lacks any follow-through selling. Escalating geopolitical tensions in the Middle East benefits the JPY and exerts some pressure. Subdued USD price action fails to provide any meaningful impetus amid intervention fears. (FXStreet) EUR/USD continues the winning streak amid the geopolitical tension in the Middle East. The conflict could increase flows into the traditional safe-haven assets. Blockbuster US Nonfarm Payrolls supported the US Dollar (USD). (FXStreet) GBP/USD reverses an Asian session dip to sub-1.2200 levels, albeit lacks any follow-through buying. Escalating geopolitical tension in the Middle East and hawkish Fed expectations underpin the USD. Expectations that the BoE is done hiking rates hold back the GBP bulls from placing aggressive bets. (FXStreet) USD/CAD extends losses due to higher WTI oil prices, coupled with bumper Canada’s employment data. The Palestine-Israel conflict could contribute support for the oil prices. Upbeat US Nonfarm Payrolls provided support to underpin the US Dollar (USD). (FXStreet) NZD/USD fills a modest weekly bearish gap opening, though the upside potential seems limited. Geopolitical tensions benefit the safe-haven USD and act as a headwind for the risk-sensitive Kiwi. The uncertainty over the Fed’s rate-hike path caps the USD upside and lends support to the major. (FXStreet) The index reverses three consecutive daily pullbacks. The probability of a Fed’s rate hike loses traction. Investors’ attention is expected to be on the US CPI. The greenback reverses three daily drops in a row and regains the 106.30 region when tracked by the USD Index (DXY) at the beginning of the week. (FXStreet) USD/CHF trades higher near 0.9100 due to stronger US Dollar. The Palestine-Israel conflict could elevate demand for the safe-haven Swiss Franc. Positive employment data in the United States bolsters the strength of the US Dollar (USD). (FXStreet) USD/MXN attracts fresh buyers on Monday, albeit lacks follow-through beyond the 38.2% Fibo. level. The technical setup favours bulls and supports prospects for an extension of a one-month-old uptrend. A convincing break below the 23.6% Fibo. level is needed to negate the near-term positive outlook. (FXStreet) WTI Crude Oil prices kick off the new week on a strong note, albeit lack follow-through. Escalating geopolitical tensions in the Middle East provide a strong lift to the commodity. Resurgent US Dollar demand keeps a lid on any further appreciation for the black liquid. (FXStreet) Gold price continues to trade higher on geopolitical tension. The Palestine-Israel conflict could increase the demand for safe-haven assets like Gold. Upbeat US jobs data supports the US Dollar (USD). (FXStreet) Silver touches a one-week high on Monday, albeit struggles to capitalize on the momentum. The technical setup favours bears and supports prospects for an extension of the recent fall. A sustained strength beyond the $22.20-30 region is needed to negate the negative outlook. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-06 09:39

USD/JPY receives upward support due to the rebound in the US Dollar. Former Fed Vice Chair Clarida expects adjustment in the BoJ's approach by early 2024. Fed's hawkish stance on policy rate trajectory provides strength to the US Bond yields. (FXStreet) In its bi-annual Financial Stability Review (FSR), the Reserve Bank of Australia (RBA) said that global financial stability risks were elevated and growing. Following a two-day rebound, AUD/USD lost its bullish momentum and stabilized at around 0.6350 on the last trading day of the week. (FXStreet) USD/CAD rose to its highest level since March near 1.3800 on Thursday before staging a downward correction in the Asian session on Friday. Statistics Canada will also release the September labor market data later in the day. (FXStreet) EUR/USD experiences downward pressure ahead of US data. ECB is expected to maintain its current interest rates; weighing on the Euro. Fed's assertion on monetary policy is contributing to the strength in US Bond yields. (FXStreet) GBP/USD benefited from broad USD weakness on Thursday and advanced toward 1.2200. Early Friday, the pair fluctuates in a tight channel above 1.2150 amid cautious market stance. (FXStreet) NZD/USD recovery loses steam and declines to 0.5950 on Friday. The Reserve Bank of New Zealand agreed that rates may need to remain at a restrictive level for a longer time. The US Initial Jobless Claims last week improved to 207K vs. 205K prior. US Nonfarm Payrolls will be a closely watched event on Friday. (FXStreet) USD/CHF consolidates below 0.9150 ahead of the crucial US employment data. MACD indicates a tepid momentum in the price movement. The 14-day EMA emerges as immediate support, followed by the 0.9100 major level. (FXStreet) USD/MXN experienced upward support ahead of US employment data. Mexican government altered airport tariffs, which might exert pressure on the MXN. Investors await NFP and earnings data for confirmation post positive data on Thursday. (FXStreet) USD/INR holds below the 83.20 mark after the Reserve Bank of India (RBI) rate decision. RBI maintained a status quo on rates for the fourth consecutive time at 6.5%. US Initial Jobless Claims improved to 207,000 from 205,000 in the previous week. The US Nonfarm Payrolls will be a closely watched event for traders on Friday. (FXStreet) EUR/JPY gains momentum near 156.85 ahead of the German data. Germany’s trade surplus came in at €16.6B in August vs. €17.7B prior, above the market expectation. Japan’s Coincident Index for August came in at 114.3 vs. 114.2 prior; Leading Economic Index improved to 109.5 vs.108.2 prior. Traders will monitor the German Factory Orders due later on Friday. (FXStreet) EUR/GBP loses ground amid Germany’s Factory Orders showed robust performance. BoE’s dovish tone surrounding the interest rate trajectory could undermine the GBP. The varying opinions among ECB officials underscore the challenges facing the Eurozone economy. (FXStreet) GBP/JPY scales higher for the third straight day and climbs to a multi-day top on Friday. Softer domestic data and a positive risk tone weigh on the JPY and lend some support. Expectations that the BoE is done hiking rates and intervention fears to cap the upside. (FXStreet) WTI Crude Oil prices drift lower for the third successive day and refresh a one-month low on Friday. Worries that rising interest rates will hamper economic growth and dent fuel demand exert pressure. Expectations that the Oil market will remain tight over the short term do little to lend any support. (FXStreet) Gold price struggles to capitalize on its modest intraday positive move to the $1,825 area on Friday. Bets for more Fed rate hikes in 2023, elevated US bond yields and a bullish USD continue to weigh. Traders now look forward to the release of the crucial US NFP report for a fresh directional impetus. (FXStreet) Silver edges higher during the Asian session on Friday, albeit lacks follow-through. The range-bound price action could be categorized as a bearish consolidation phase. The oversold RSI on the daily chart might hold back bears from placing fresh bets. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.