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21.04.2023 Market Report


EUR/USD is trading with caution, flatlining above 1.0950 awaiting the releases of the preliminary Eurozone and United States S&P Global PMI data. The US Dollar is licking its wounds, despite moderate risk aversion and hawkish Fedspeak. 


The GBP/USD pair is continuously oscillating in a narrow range around 1.2440 in the Tokyo session. The Cable is struggling to find a decisive move as investors are awaiting the release of the United Kingdom Retail Sales data for further guidance.  


The USD/JPY pair moves near the mark of 134.00 in the Asian session despite the release of wider-than-anticipated Japan’s National Consumer Price Index (CPI) data. Annual national CPI (March) has accelerated to 3.2% from the consensus of 2.6% but remained lower than the prior release of 3.3%.


The AUD/USD pair has shown a decent recovery after a corrective move to near 0.6730 in the early Asian session. The Aussie asset displayed a steep rise on Thursday after Zou Lan, head of monetary policy, at People Bank of China (PBOC) reaffirmed on Thursday that the central bank “will continue implementing prudent monetary policy.”


The NZD/USD pair is hovering above 0.6170 in the early Asian session after a less-confident recovery move from 0.6150. The Kiwi asset is expected to resume its downside journey below 0.6150 as Federal Reserve (Fed) policymakers are supporting more conservative monetary policy from the central bank despite easing United States labor market conditions.


The USD/CAD pair has printed a fresh weekly high of 1.3500 in the Asian session. The Loonie asset has continued its two-day winning spell after overstepping Thursday’s high of 1.3490. The Canadian Dollar has witnessed immense pressure amid a sheer decline in oil prices. The black gold has witnessed sheer losses as more rate hikes from global central banks will put a serious dent in global oil demand.


USD/CHF reversed its course after hitting a weekly high of 0.9003 and fell, as the sellers remain committed to defending the 0.9000 figure. After consolidating for back-to-back days in the 0.8950-0.9000 range, the USD/CHF exchanges hands at 0.8933, down 0.45%.


Oil prices moved in a tight range on Friday after falling sharply this week as soft economic readings and fears of rising interest rates pushed up uncertainty over a recovery in demand this year. Crude prices were set to close the week down over 6%, snapping four straight positive weeks. Recent losses also saw oil prices largely reverse strong gains made on the back of an unexpected supply cut by the Organization of Petroleum Exporting Countries earlier in April. 


Gold price is consolidating the previous rebound near the $2,000 threshold on the final trading day of the week. The United States Dollar (USD) is clinging to recovery gains amidst risk aversion, fuelled by a US tech sell-off and renewed US-China tensions over Taiwan.

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