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05.01.2023 Market Report


The EUR/USD pair witnessed selling pressure after failing to surpass the crucial mark of 1.0630. The major currency pair has slipped to near the round-level mark of 1.0600 as the risk appetite of the market participants has trimmed. S&P500 futures have surrendered half of their Wednesday’s recovery as anxiety among market participants is accelerating ahead of the United States Nonfarm Payrolls (NFP) data.


The GBP/USD pair is displaying topsy-turvy moves around 1.2050 in the Asian session. The Cable asset has turned sideways as investors are awaiting the release of the Automatic Data Processing (ADP) Employment data, which is scheduled for Thursday before the release of the United States Nonfarm Payrolls (NFP) data.


The USD/JPY pair gradually corrected to near the 132.00 mark in the early Asian session. The asset has witnessed weak selling pressure after a bumper rally to near 132.70. The major might resume its upside journey, although the risk-on market mood as the Bank of Japan (BOJ) has favored further policy easing to push wages higher.


The AUD/USD pair finds decent assistance near the 0.6800 mark and climbs to the top boundary of its daily trading range during the early European session. The pair is currently placed around the 0.6830-0.6835 region, nearly unchanged for the day, still well below the multi-month high retested on Wednesday.


The NZD/USD pair is displaying back-and-forth moves around 0.6300 in the early Tokyo session. The New Zealand Dollar is expected to regain strength as the market mood has turned cheerful. Investors dumped the risk-aversion theme amid expectations of a further slowdown in the inflationary pressures in the United States.


The USD/CAD pair has surrendered the 1.3486 mark in the Asian session after a vertical sell-off from above 1.3650 on Wednesday. The downside pressure in the Loonie asset is bolstering the expression of extension in the south-side journey towards 1.3450 ahead. The US Dollar witnessed a steep fall following the footprints of weaker US Treasury yields.


The USD/CHF struggles to clear the 0.9370 barrier. After reaching a weekly high at around 0.9398 on Wednesday, the USD/CHF shifted gears and snapped three days of gains. 


Oil prices rose on Thursday following a series of steep declines as investors looked to a potential slowdown in U.S. interest rate hikes, with focus now turning to weekly inventory data to gauge the strength of year-end oil consumption.


Gold price has failed to capitalize on a firmer rally to near $1,860.00 and has corrected gradually to near $1,850.00 in the early European session. The precious metal is likely to continue its lackluster performance till the release of the United States Nonfarm Payrolls (NFP) data.

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