Market Update - 04 Aug 2023

EUR/JPY stays pressured after two-day losing streak, lacks clear directions of late. German Factory Orders post notable growth in June, crosses market forecasts and prior readings. Pullback in global Treasury bond yields from multi-day peaks weigh on prices amid cautious optimism. Looming divergence between ECB and BoJ monetary policy keeps sellers hopeful ahead of Eurozone Retail Sales. (FXStreet)

NZD/USD retreats from intraday high, reversing previous day’s rebound from five-week low. Doji candlestick at multi-day low, below-50.0 RSI conditions put a floor under Kiwi price. Bulls have a long and bumpy road ahead, two-month-old previous support line guards immediate upside. US NFP bears downbeat forecasts but early signals make it interesting for Greenback buyers. (FXStreet)

EUR/USD remains on the defensive near 1.0945, losing 0.02% for the day. Germany's Factory Orders rose 3.0% YoY compared to -4.4% prior. Traders await the US Nonfarm Payrolls, Unemployment Rate and Average Hourly Earnings data. (FXStreet)

USD/CHF regains some positive traction and reverses a major part of the overnight slide. A positive risk tone undermines the safe-haven CHF and lends support amid a bullish USD. Traders keenly await the crucial US NFP report before placing aggressive directional bets. (FXStreet)

GBP/JPY struggles to capitalize on its modest intraday gains on Friday. The BoE’s hawkish signals turn out to be a key factor capping the upside. The BoJ’s dovish stance and a positive risk tone should help limit losses. (FXStreet)

The index alternates gains with losses in the mid-102.00s. US yields poised to extend the recent rally on Friday. US Nonfarm Payrolls takes centre stage across the pond. The greenback, in terms of the USD Index (DXY), still appears under pressure around the 102.50 region at the end of the week. (FXStreet)

EUR/GBP struggles to capitalize on its modest intraday bounce from the 0.8600 mark. The BoE’s less hawkish signals undermine the GBP and act as a tailwind for the cross. Speculations that the ECB will soon pause its rate-hiking cycle caps gains for the Euro. (FXStreet)

Gold price remains confined in a narrow range around the $1,930 level. The upbeat data could convince the Federal Reserve (Fed) to hike additional rates. The renewed tensions between the US-China might benefit gold, a traditional safe-haven asset. All eyes are on the US Nonfarm Payrolls, Unemployment Rate data due later in the day. (FXStreet)

Silver remains under some selling pressure for the fourth straight day on Friday. The technical setup favours bears and supports prospects for a further downfall. A sustained strength back above the $24.00 mark might negate the negative bias. (FXStreet)

Source: FXStreet, DailyFX

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