Market Update - 18 October 2023

NZD/USD posts modest gains around 0.5905 after the upbeat Chinese growth numbers. China’s Gross Domestic Product (GDP) for Q3 climbed 1.3% QoQ vs. 0.8% prior, better than expected. US Retail Sales for September grew 0.7% MoM, beating the market estimation. (FXStreet)

EUR/USD trades above the major support at 1.0550 ahead of the Eurozone CPI. MACD indicated a shift in momentum towards a bullish trend. 21-day EMA emerges as the immediate resistance, followed by the 1.0600 psychological level. (FXStreet)

USD/CAD trades in negative territory near 1.3635 amid the USD weakness.  The Canadian CPI data showed an easing in inflationary pressure.  US Retail Sales for September rose by 0.7% MoM, beating the market consensus. Investors await the US housing data, Canadian Retail Sales data due later this week. (FXStreet)

EUR/GBP loses traction to 0.8670 after the upbeat UK inflation data. The UK inflation figures for September came in better than the market consensus. EU's ZEW Economic Sentiment Survey came in at 2.3 vs.-8.9 prior, better than expected. Traders await the Eurozone Consumer Price Index (CPI), ECB's President Lagarde's speech on Wednesday. (FXStreet)

USD/JPY recovers its intraday losses pre-release of US economic data. Chinese GDP exceeded expectations; contributing support for the Japanese Yen. Higher US Treasury yields provide support to underpinning the US Dollar. (FXStreet)

The index alternates gains with losses in the low-106.00s. US yields trade within narrow ranges near recent peaks. Housing data, Fed Beige Book, Fedspeak take centre stage midweek. The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, navigates a tight range in the 106.10-106.20 band ahead of the opening bell in the old continent on Wednesday. (FXStreet)

USD/CHF aims to defend the crucial support of 0.9000 amid a risk-off market mood. The US Dollar remains well supported above 106.00 due to strong Retail Sales data. Robust US Retail Sales were prompted by upbeat demand for automobiles, rising dining out, and higher gasoline prices. (FXStreet)

WTI prices climbs to $87.35 amid the geopolitical tension in the Middle East. An escalating tension between Israel-Hamas might trigger the fear of potential oil supply disruptions. Chinese growth numbers came in better than expected. US crude oil inventories fell nearly 4.383M barrels last week vs. 12.93M barrels rise prior. (FXStreet)

Gold prices gain upward support from the Middle-East conflict. Upbeat China data could provide support in underpinning the prices of Gold. US Dollar strengthens on the solid economic data. (FXStreet)

Source: FXStreet

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