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Publish Date: Fri, 31 Mar 2023, 09:51 AM
EUR/USD has corrected gradually to near 1.0900 after failing to surpass Thursday’s high around 1.0926 in the early European session. The major currency pair has sensed selling pressure as investors have turned cautious ahead of the release of the Eurozone preliminary Harmonized Index of Consumer Prices (HICP) and United States core Personal Consumption Expenditure (PCE) Price Index data. (FXStreet)
The USD/JPY pair regains positive traction on the last day of the week and maintains its bid tone near a two-week high, just below mid-133.00s through the early part of the European session. (FXStreet)
GBP/USD shows little reaction to better-than-forecast UK economic growth numbers during early Friday. The reason could be linked to the market’s cautious mood ahead of the Federal Reserve’s (Fed) preferred inflation gauge. (FXStreet)
USD/CHF pares the first daily gain in three around 0.9135 as the market’s anxiety ahead of the key US inflation data escalates during the initial hour of Friday’s European session. In doing so, the Swiss Franc (CHF) pair reverses from the previous support line from mid-March. (FXStreet)
The AUD/USD pair retreats sharply from over a one-week high, around the 0.6735-0.6740 region touched earlier this Friday and continues losing ground through the first half of the European session. Spot prices reverse the previous day's positive move and drop to the 0.6670 area, or a fresh daily low in the last hour. (FXStreet)
USD/CAD licks its wounds around 1.3520 as it pares the weekly losses around the lowest levels in more than a month, after refreshing the multi-day low, during early Friday. In doing so, the Loonie pair takes clues from the inactive Oil price and the US Dollar amid the market’s cautious mood ahead of the key inflation data from the US, as well as Canada’s Monthly Gross Domestic Product (GDP) data for January. (FXStreet)
The NZD/USD pair gains positive traction for the second successive day and touched its highest level since February 16 on Friday, albeit faces rejection near the 0.6300 mark. Spot prices trade around the 0.6270-0.6275 region during the early European session and now seem to have found acceptance above a technically significant 200-day Simple Moving Average (SMA). (FXStreet)
Extra selling pressure could force USD/CNH to revisit the 6.8100 region in the short term, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group. (FXStreet)
The EUR/GBP cross edges lower for the second successive day on Friday and retreats further from a one-week high, around the 0.8825-0.8830 region touched the previous day. Spot prices remain on the defensive through the early European session and currently trade around the 0.8800 round-figure mark, down less than 0.05% for the day. (FXStreet)
USD/INR stays defensive above 82.00, keeping the latest bounce off three-week low amid Friday’s sluggish Asian session. In doing so, the Indian Rupee (INR) pair portrays the market’s anxiety ahead of the key US inflation clues. However, recently easing hawkish bias about the Federal Reserve’s (Fed) next moves seem to favor the bears. (FXStreet)
USD/MXN licks its wounds near 18.10, after refreshing the three-week low, during early Friday. In doing so, the Mexican Peso pair probes the five-day losing streak after posting a trend reversal suggesting a candlestick, namely Doji, the previous day. (FXStreet)
Thursday’s marked uptick in prices of the WTI was on the back of increasing open interest, which leaves the door open to the continuation of this move at least in the very near term. So far, the $75.00 region per barrel emerges as the immediate hurdle for the commodity. (FXStreet)
Gold price (XAU/USD) continues to trade within a solid uptrend, even in a calmer week in the financial markets. Things could get lively again on Friday as the market gets ready for the biggest data release of the week, the United States Personal Consumption Expenditures (PCE) inflation numbers, scheduled to be released at 12:30 GMT. (FXStreet)
Silver price (XAG/USD) pares weekly gains at the highest levels in two months, mildly offered near $23.85 heading into Friday’s European session. In doing so, the bright metal prints the first daily loss in four ahead of the key inflation data from Eurozone and the US. (FXStreet)
Natural Gas futures are hovering near their fresh two-year low at $2.09 in the Asian session. The asset witnessed a steep fall on Thursday despite a less-than-anticipated drawdown reported by the United States Energy Information Administration (EIA) for the week ending March 24. (FXStreet)
Bitcoins recent rally found resistance around the $28500 mark with consolidation being the theme since. The rally was partly fueled by a weaker dollar as well as a rise in both liquidity and volatility seems to have run out of steam. (DailyFX)
Source: FXStreet, DailyFX
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