Market Update - 13 October 2023

USD/CHF reclaims the 200-day moving average and sets its sight at 0.9110, the latest cycle low. Key resistance levels lie at 0.9100, followed by 0.9110 and 0.9245. The major could turn bearish, below 0.9019, with bears targeting the 50-DMA at 0.8939. (FXStreet)

The USD/JPY climbed on Thursday, extending a bullish recovery for the pair. The US Dollar is inching towards the 150.00 level once again as the Greenback climbs on risk-off markets. US CPI inflation data beat has markets worried that the Fed will keep interest rates higher and longer than previously anticipated. (FXStreet)

EUR/USD edges higher during the Asian session and draws support from a modest USD downtick. The uncertainty over the Fed’s future rate-hike path keeps a lid on the US bond yields and the USD. Bets that the ECB is done hiking rates might hold back traders from placing aggressive bullish bets. (FXStreet)

NZD/USD remains under some selling for the third straight day and drops to over a one-week low. The mixed Chinese inflation figures and a mildly softer USD fail to lend any support to the major. The fundamental backdrop suggests that the path of least resistance for the pair is to the downside. (FXStreet)

GBP/USD recovers from losses registered after optimistic US economic readings. US headline inflation surpassed the expectations; while jobless claims printed a lower reading than expected. The recent downbeat UK data might have put pressure on the Pound Sterling. (FXStreet)

USD/CAD meets with some supply on Friday, though the downside seems limited. An uptick in Oil prices underpins the Loonie and exerts pressure amid a softer USD. Bets for one more Fed rate hike in 2023 should limit losses for the buck and the pair. (FXStreet)

USD/MXN retraces recent gains post Banxico’s meeting minutes. US headline inflation surpassed the expectations; while jobless claims printed a lower reading than expected. The recent barrage of positive US data has ignited discussions about the Fed’s interest rate trajectory. (FXStreet)

WTI draws support from concerns about tightening global supply, though the upside remains capped. Investors seem worried that rising interest rates will hamper economic activity and dent fuel demand. Receding fears over potential supply disruptions due to the Israel-Gaza conflict acts as a headwind. (FXStreet)

Gold price catches fresh bids on Friday and reverses a part of the overnight losses. A modest downtick in the US bond yields undermines the USD and lends support. Geopolitical tensions also benefit the XAU/USD, though the upside seems capped. (FXStreet)

Source: FXStreet

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