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19.04.2023 Market Report


EUR/USD is trading flat, struggling to extend its recovery above the immediate mark of 1.0980 in early Europe. The US Dollar is finding fresh demand amid a cautious market mood, despite sluggish yields. ECB-speak in focus. 


GBP/USD is holding the previous upside above 1.2400, as markets digest UK labor market data and look to the next set of ammunition in Wednesday’s inflation report. The UK Consumer Prices Index (CPI) for March is seen falling back into single digits, with a 9.8% clip expected. 


USD/JPY picks up bids to pare the previous day’s U-turn from a five-week high around 134.00 as Tokyo opens for Wednesday. In doing so, the Yen pair fails to cheer the downbeat US Dollar and the Treasury bond yields amid a sluggish start to the day. Also likely to have prod the Yen pair could be the latest Reuters Tankan Survey data.


AUD/USD picks up bids to print mild gains around 0.6730 heading into Wednesday’s European session. Even so, the Aussie pair struggles to extend the previous day’s recovery as challenges to sentiment and hawkish Fed talks contrast with the downbeat US data and firmer Aussie statistics during sluggish hours of trading.


The NZD/USD pair is showing a lethargic action in the Asian session after defending the 0.6200 mark. The Kiwi asset is approaching the 0.6220 mark amid a subdued performance by the US Dollar Index (DXY).


The USD/CAD pair is gathering strength to shift its auction above the 1.3400 mark in the Asian session. The Loonie asset has shown a decent run after a gradual correction to near 1.3360. The upside in the major looks favored as Canada’s inflation has softened further and chances of one more rate hike from the Federal Reserve (Fed) are skyrocketing.


The USD/CHF pair is eyeing a recovery after building a base around 0.8960 in the Asian session. The Swiss Franc asset has been defending the aforementioned mark for the past two trading sessions. An attempt of recovery by the US Dollar Index (DXY) after correcting to near 101.65 has infused some strength in the Swiss Franc asset.


Oil prices moved little in Asian trade on Wednesday as anticipation of a slew of indicators on U.S. monetary policy and the economy kept sentiment tepid, although signs of shrinking U.S. inventories pointed to tighter supplies.


Gold price is demonstrating a sheer contraction in volatility after a recovery move from $1,980.00. The yellow metal is struggling to extend its recovery as the US Dollar Index (DXY) has rebounded firmly after defending the 101.65 mark.

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