Market Update - 05 May 2023 ​​​​​​​

The EUR/USD pair has recovered firmly above 1.1040 in the Asian session as the US Dollar index (DXY) has resumed its downside journey. The major currency pair is trying to revive Thursday’s sell-off inspired by a smaller interest rate hike from the European Central Bank (ECB). (FXStreet)

USD/JPY drops for the fourth consecutive day as bears approach the weekly low during early Friday, down 0.30% intraday near 133.85 by the press time. In doing so, the Yen pair renews its intraday bottom as it cheers the US Dollar weakness ahead of the key US employment report for April. It’s worth noting that Japan’s holidays fail to challenge the sellers. (FXStreet)

GBP/USD has confidently climbed above the round-level resistance of 1.2600 in the early European session. The Cable has refreshed its 11-month high at 1.2614 and might discover more gains as the US Dollar Index (DXY) is expected to display more downside amid multiple headwinds. (FXStreet)

The AUD/USD pair climbs to a two-week high on Friday, albeit struggles to capitalize on the momentum beyond a technically significant 200-day Simple Moving Average (SMA). The pair, however, maintains its bid tone through the early European session and trades around the 0.6725-0.6730 region, still up over 0.50% for the day. (FXStreet)

The USD/CAD pair remains under some selling pressure for the third successive day on Friday and extends its steady descent through the first half of the European session. The downward trajectory drags spot prices below a technically significant 100-day Simple Moving Average (SMA) and the 1.3500 psychological mark, to a two-week low in the last hour. (FXStreet)

The USD/CHF pair attracts some dip-buying near the 0.8835 region on Friday and turns positive for the second successive day, though lacks bullish conviction. The pair trades just above mid-0.8800s during the early European session and so far, is seen struggling to capitalize on the overnight bounce from its lowest level since January 2021. (FXStreet)

NZD/USD stays on the front foot at the highest levels in a month, up half a percent near 0.6310 heading into Friday’s European session. In doing so, the Kiwi pair cheers broad-based US Dollar weakness ahead of the US Nonfarm Payrolls (NFP) data. Adding strength to the bullish bias could be the latest divergence between the Federal Reserve (Fed) and the Reserve Bank of New Zealand (RBNZ) bias. (FXStreet)

USD/INR holds lower grounds near 81.70 as it prods weekly low during a three-day downtrend. In doing so, the Indian Rupee (INR) pair cheers broad US Dollar weakness ahead of the key US Nonfarm Payrolls (NFP). (FXStreet)

USD/IDR justifies upbeat prints of Indonesia's growth numbers by retreating to 14,680 during early Friday. In doing so, the Indonesia Rupiah (IDR) pair also benefits from the broad US Dollar weakness and cautious optimism in the Asia-Pacific region. (FXStreet)

The USD/CNH pair has shown a recovery move from 6.9100 amid the release of the downbeat Caixin Services PMI data (April). The economic data has landed at 56.4, marginally lower than the estimates of 56.5 and the former release of 57.8. (FXStreet)

AUD/JPY pierces the 90.00 psychological magnet as it stretched the previous day’s rebound from a one-week low after upbeat outcomes from Australia and China during early Friday. Adding strength to the risk-barometer pair’s recovery moves could be the mildly positive sentiment in the market ahead of the US and Canada jobs report. However, holidays in Japan restrict the cross-currency pair’s immediate moves. (FXStreet)

The EUR/JPY pair is struggling in extending its recovery above the immediate resistance of 148.00 in the Asian session. The cross is experiencing pressure as investors are awaiting the release of Eurozone Retail Sales data (April). (FXStreet)

Natural Gas Price (XNG/USD) remains depressed around $2.17, printing a five-day downtrend near the lowest levels in three weeks, as market players await the key US employment report on Friday. In doing so, the energy instrument bears the burden of the fears of oversupply, as well as recession. (FXStreet)

Gold price (XAU/USD) eases after refreshing the highest level on record as bulls take a breather ahead of the key US Nonfarm Payrolls (NFP). (FXStreet)

Silver enters a bullish consolidation phase and oscillates in a narrow trading band around the $26.00 round-figure mark, just below its highest level since April 2022 touched earlier this Friday. (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.