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03.02.2023 Market Report


EUR/USD is attempting to build a cushion near 1.0900 in the early European morning. The market mood remains cautious, as investors assess the dovish Fed and ECB policy announcements, repositioning ahead of the key US NFP data. 


GBP/USD is struggling for a clear direction while defending the 1.2200 mark early Friday. The dovish BoE policy outlook combined with a broad US Dollar rebound is weighing on the pair. Focus shifts to the US NFP data for fresh trading impetus. 


The USD/JPY pair has refreshed its day’s low at 128.50 as the US Dollar Index (DXY) has sensed barricades after testing Thursday’s high around 101.55 in the Asian session. The asset is expected to display volatile moves ahead as investors are getting anxious ahead of the release of the United States Nonfarm Payrolls (NFP) data.


The AUD/USD pair extends the previous day’s pullback from the 0.7155-0.7160 area, or its highest level since June 2022 and remains under some selling pressure for the second successive day on Friday. The pair remains depressed heading into the European session and is currently placed near the lower end of its daily range, just above mid-0.7000s.


The NZD/USD pair is demonstrating a sideways action below the immediate resistance of 0.6480 in the Asian session. The Kiwi asset has turned sideways as investors are awaiting the release of the Caixin Services PMI and United States Nonfarm Payrolls (NFP) data for fresh impetus.


The USD/CAD pair has witnessed buying interest after a corrective move to near 1.3330 in the Tokyo session. The Loonie asset displayed a corrective move as the US Dollar Index (DXY) showed signs of exhaustion in the upside momentum after reaching to near 101.55.


The USD/CHF pair is displaying a lackluster action below 0.9150 in the early European session after a gradual upside move. The Swiss franc asset is struggling to extend gains as investors are avoiding making significant positions ahead of the release of the United States Nonfarm Payrolls (NFP) data.


Oil prices rose slightly on Friday, but were headed for steep weekly losses as fears of a U.S. recession, coupled with uncertainty over an economic recovery in China weighed on the near-term outlook for crude demand.


Gold price is holding steady above the $1,900 mark, as sellers take a breather after a sharp pullback from ten-month highs of $1,960. A sesne of calm prevails in Fridya’s tradiung so far, as investors stay on the sidelines and assess the latest central banks’ policy decisions and its market impact going forward.

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