Market Update - 22 September  2023

AUD/USD snaps a two-day losing streak, trading higher near 0.6440 during the European session on Friday. The pair is receiving upward support as the US Dollar (USD) retraces a portion of its intraday gains. (FXStreet)

USD/CAD halts a two-day winning streak, trading sideways near 1.3470 during the European session on Friday. The pair experienced downward pressure as the US Dollar (USD) trimmed a part of intraday gains, coupled with the upbeat Crude oil prices. (FXStreet)

The EUR/GBP cross attracts some dip-buying near the 0.8660 region on Friday and sticks to its modest intraday gains through the early part of the European session. Spot prices currently trade around the 0.8680 area, up for the third straight day and fifth in the previous six, albeit lack follow-through and remain below a two-month peak touched on Thursday. (FXStreet)

USD/JPY retraces the losses registered on Thursday on the back of a policy rate decision by the Bank of Japan (BoJ). As widely expected, BoJ maintained its current interest rates at -0.1%. The spot price is trading higher around 148.30 during the early trading hours of the European session on Friday. (FXStreet)

The EUR/USD pair remains under selling pressure and trades in negative territory for the fourth straight day during the early European session on Friday. The major pair currently trades near 1.0653, losing 0.06% on the day. (FXStreet)

The GBP/USD pair struggles to capitalize on the previous day's modest recovery from the 1.2235 area, or its lowest level since late March and meets with a fresh supply during the Asian session on Friday. Spot prices currently trade near the 1.2280-1.2275 region, down for the third successive day, and seem vulnerable to decline further. (FXStreet)

The USD/INR pair comes under some renewed selling pressure on Friday and touches a nearly three-week low, around the 82.80-82.75 region during the Asian session. Spot prices, however, manage to trim a part of the intraday losses and currently trade just below the 83.00 round figure, still down over 0.20% for the day. (FXStreet)

The GBP/JPY cross surges to 181.80 after accelerating the downside momentum to a seven-week low of 180.70 during the Asian session on Friday. The rebound of the cross is bolstered by the Bank of Japan (BoJ) interest rate decision after central bank policymakers decided to maintain the current monetary policy unchanged. (FXStreet)

EUR/JPY attempts to recover from the previous day’s losses after the interest rate decision by the Bank of Japan (BoJ). As widely expected, BoJ maintained its current interest rates at -0.1%. The spot price is trading higher around 157.60 during the Asian session on Friday. (FXStreet)


Western Texas Intermediate (WTI), the US crude oil benchmark extends gains on the second day, trading higher around $90.00 per barrel during the Asian session on Friday. (FXStreet)

Natural gas prices dropped for the second consecutive session on Thursday. The daily decline was on the back of increasing open interest, which suggests that further retracement appears in the pipeline with the next support emerging at the monthly low around the $2.50 level per MMBtu (September 7). (FXStreet)

Silver builds on the previous day's solid recovery move from the $22.80 area, or the weekly low, and gains strong follow-through traction on Friday. This marks the third successive day of a positive move, also the fifth in the previous six, and lifts the white metal to a two-and-half-week peak, around the $23.75 region during the early part of the European session. (FXStreet)

Gold price (XAU/USD) struggles to find a direction as investors remain uncertain about the interest rate peak after the Federal Reserve’s (Fed) monetary policy announcement on Wednesday. The precious metal trades inside Thursday’s range as the upside is restricted due to the US economic resilience, which has been keeping expectations alive over one more interest rate increase from the Fed. On the downside, Gold also looks well supported due to consistently falling core inflation. (FXStreet)

Source: FXStreet

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