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Publish Date: Fri, 09 Jun 2023, 09:48 AM
EUR/USD remains sidelined near 1.0780-75 as it consolidates the biggest daily jump since March heading into Friday’s European session. In doing so, the Euro pair portrays the market’s sluggish momentum amid a light calendar and positioning for the next week’s top-tier data/events. Additionally, trader’s recheck of the previous concerns about the European Central Bank (ECB) and the Federal Reserve (Fed) concerns also prod major currency pair buyers of late. (FXStreet)
The GBP/USD pair has resumed its upside journey towards the round-level resistance of 1.2600 after a small intervention around 1.2560 in the early London session. Sheer strength in the Cable has been built due to a significant decline in the US Dollar Index (DXY). (FXStreet)
USD/CHF bears take a breather at the lowest level in a fortnight, making rounds to 0.8990 heading into Friday’s European session. In doing so, the Swiss Franc (CHF) pair jostles with the 50-DMA support to extend the previous day’s fall, the biggest in seven months. (FXStreet)
The USD/JPY pair stages a goodish intraday recovery from a fresh weekly low, around the 138.75 region touched this Friday and builds on its steady intraday ascent through the early part of the European session. Spot prices climb further beyond the mid-139.00s in the last hour, reversing a major part of the overnight losses. (FXStreet)
The AUD/USD pair reverses an intraday dip to sub-0.6700 levels and climbs to over a four-week high during the early part of the European session on Friday. Spot prices, however, struggle to capitalize on the move and currently trade around the 0.6710-0.6715 region, nearly unchanged for the day. (FXStreet)
The NZD/USD pair has delivered a solid recovery from 0.6085 in the early European session. The Kiwi asset is aiming to recapture the round-level resistance of 0.6100 as the US Dollar Index (DXY) has retreated after a short-lived pullback to near 103.42. (FXStreet)
USD/CAD takes offers to 1.3360 while reversing from the intraday high as it prepares for Canada employment data for May on early Friday. In doing so, the Loonie pair fails to justify a halt in the US Dollar’s fall, as well as the mixed performance of the Oil price, amid dicey market hours. (FXStreet)
The AUD/JPY pair is marching towards the crucial resistance of 94.00 as investors are hoping that the Reserve Bank of Australia (RBA) would keep raising interest rates to tame stubborn inflation. The cross was consolidating in a narrow range of 93.00-93.50 for the past two trading sessions but has come outside of the woods as more interest rate hikes by RBA Governor Philip Lowe would widen the RBA-Bank of Japan (BoJ) policy divergence. (FXStreet)
The EUR/JPY pair is holding its auction confidently above the psychological resistance of 150.00 in the early European session. The cross is holding itself in the bullish trajectory as the European Central Bank (ECB) is committed to raising interest rates further for taming stubborn inflation despite deepening fears of a recession in the Eurozone. (FXStreet)
GBP/JPY stays on the front foot for the third consecutive day around 175.20 as it rises to the fresh high since January 2016 heading into Friday’s London open. In doing so, the cross-currency pair justifies the early week’s rebound from a lower line of the rising wedge bearish chart pattern established in late February. (FXStreet)
The EUR/GBP pair has shown a recovery move after finding buying interest near 0.8580 in the early European session. The cross has rebounded despite the Eurostat reported a contraction in final Q1 Gross Domestic Product (GDP) numbers. (FXStreet)
USD/TRY stays on the front foot around the all-time high below 24.00, close to 23.50 by the press time heading into Friday’s European session. In doing so, the Turkish Lira (TRY) sellers portray a cautious mood as the nation’s recently re-elected President Tayyip Erdogan appoints a new Governor of the Central Bank of the Republic of Türkiye (CBRT). (FXStreet)
The USD/INR pair oscillates in a narrow trading band through the Asian session on Friday and is currently placed around the 82.50 region, nearly unchanged for the day. (FXStreet)
USD/CNH clings to mild gains around 7.1230 as it struggles to justify the latest inflation report from China early Friday. Not only the mixed results of inflation clues but the US Dollar’s consolidation also trouble the offshore Chinese Yuan (CNH) pair traders. That said, the pair initially refreshed the daily high to 7.1282 amid the first impressions of the data before falling to 7.1215 by the press time. (FXStreet)
Prices of the WTI retreated markedly on Thursday on the back of shrinking open interest, which removes some strength for the prospects for a deeper drop in the very near term. In the meantime, further rebound is expected to meet the next hurdle around the monthly high near the $75.00 mark per barrel (June 5). (FXStreet)
Prices of the natural gas clinched the fourth consecutive session with gains on Thursday. The uptick, however, was in tandem with diminishing open interest and unveils the likelihood of a potential corrective move in the very near term. Looking at the broader scenario, the commodity remains well stuck within the consolidative range in place since late March. (FXStreet)
Gold price struggles to capitalize on the previous day's solid rebound from the 100-day Simple Moving Average (SMA) support near the $1,940-$1,939 area and oscillates in a narrow trading band on Friday. The XAU/USD currently trades near the top end of its weekly range, around the $1,965 region, nearly unchanged for the day heading into the European session. (FXStreet)
Silver builds on the previous day's strong rally and gains some follow-through traction for the second successive day on Friday. The buying interest picks up pace during the early European session and lifts the white metal to a nearly one-month top, around the $24.40 region in the last hour. (FXStreet)
Source: FXStreet
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