Market Update - 15 March 2023

GBP/USD remains sidelined after reversing from one-month high. Hopes of growth-oriented UK budget underpins Cable’s rebound but BoE concerns weigh on prices. US Dollar traces firmer yields as Fed bets regain hawkish bias even as US inflation failed to impress traders. SVB headlines, bond market moves should also be watched for fresh impulse. (FXStreet)

The index navigates within a narrow range around 103.70. US yields remain mixed following the recent shar pullback. Producer Prices, Retail Sales take centre stage later on Tuesday. The greenback, in terms of the USD Index (DXY), advances marginally and hovers around the 103.70/80 band ahead of the opening bell in the euro area. (FXStreet)

AUD/NZD has failed to sustain above 1.0730 as investors turn anxious ahead of NZ and Australian data. Higher Australian employment generation and a lower jobless rate are indicating an expression of higher forward earnings. Australian Consumer Inflation Expectations at 5.4% indicate that chances are few that the RBA would restore price stability. (FXStreet)

EUR/JPY is facing hurdles in extending its recovery move above 144.40, upside bias still intact. Hawkish ECB bets have supported the Euro amid an absence of contagion effects in the European banking sector. The RSI (14) is on the verge of shifting into the bullish range of 60.00-80.00. (FXStreet)

USD/CAD renews intraday low during four-day losing streak. Cautious optimism in the market, pullback in yields weigh on US Dollar. Hopes of more energy demand, no change in OPEC supply cut agreement trigger Oil price rebound.US Retail Sales, Canada Housing Starts can direct intraday traders. (FXStreet)

NZD/USD is on a bullish ride in a relaxed market mood. US CPI comes in almost in line with softening service-led inflation. The New Zealand GDP data is in focus on measuring the cyclone impact. (FXStreet)

USD/JPY retreats from intraday high, reverses the previous day’s bounce off one-month low. 50-SMA pierces off 100-SMA from above to portray bearish signal. Downbeat RSI, failure to cross three-week-old horizontal resistance keep sellers hopeful. Multiple tops marked since early February, two-month-long ascending support line challenge Yen pair bears. (FXStreet)

EUR/GBP edges higher for the second straight day, though lacks follow-through buying. Bets that the BoE could pause its rate-hiking cycle undermine the GBP and lend support. Investors now look to the UK budget for some impetus ahead of the ECB on Thursday. (FXStreet)

USD/MXN remains sidelined near one-week-old ascending support line after falling the most since March 2022. Clear U-turn from 2.5-month-old descending resistance line, bearish MACD signals keep sellers hopeful. 200-SMA acts as an extra filter towards the south. (FXStreet)

EUR/USD clings to mild gains near one-month high, grinds near multi-day top of late. US Dollar traces downbeat Treasury bond yields as inflation data failed to bolster hawkish Fed bets. Receding fears of SVB, Signature Bank fallout also propel Euro prices. EU Industrial Production, US Retail Sales eyed for fresh impulse. (FXStreet)

AUD/USD extends bounce off intraday low after China data, PBOC news. China Industrial Production, Retail Sales improved in February, PBOC keeps one-year MLF unchanged. Market sentiment stays dicey amid mixed signals surrounding Fed and Silicon Valley Bank (SVB) fallout risks. US Retail Sales, Australia employment figures eyed for clear directions. (FXStreet)

USD/CNH is gauging support around 6.8800 as China’s retail demand matches consensus. S&P500 futures have registered marginal losses in the Asian session after truck-load gains on Tuesday. Weak auto sales numbers and stagnant gasoline demand indicate a contraction in US Retail Sales figures. (FXStreet)

USD/CHF struggles to extend recovery from six-week low, eases from intraday high of late. Market sentiment dwindles amid mixed concerns over SVB fallout, Fed. Treasury bond yields defend the previous day’s rebound, US stock futures print mild losses. (FXStreet)

USD/IDR keeps bounce off one-week low, snaps three-day downtrend, after Indonesia foreign trade numbers. Indonesia Exports drop 4.51% in February versus 5.0% expected, 16.37% prior. Cautious optimism in Asia fails to favor Rupiah bulls amid sluggish session. US Retail Sales, risk catalysts eyed for clear directions. (FXStreet)

Oil price has gradually scaled to near $72.50, further upside looks capped ahead of oil inventory data. A fresh monthly low by the USD Index at 103.44 has infused fresh blood into the oil price. Declining 20-period EMA and weak RSI (14) are indicating further downside for black gold. (FXStreet)

Gold price remains depressed after snapping three-day uptrend the previous day. Recovery in United States yields, US Dollar weighs on XAU/USD price. Mixed signals from US Consumer Price Index failed to entertain Gold traders. US Retail Sales, China data dump eyed for fresh impulse. (FXStreet)

Silver price prints minor gains inside immediate trading range established from Monday. 200-EMA, three-week-old horizontal resistance restricts short-term XAG/USD moves. RSI’s retreat from overbought territory, looming bear cross on MACD lure the Silver sellers. Road towards the south appears bumpier; bulls need validation from $22.60. (FXStreet)

Source: FXStreet, DailyFX

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.