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07.06.2023 Market Report


EUR/USD bulls attack the 1.0700 threshold while refreshing the intraday high early Wednesday. In doing so, the Euro pair reverses the previous day’s losses within a one-week-old symmetrical triangle.


GBP/USD licks its wounds near 1.2425 during early Wednesday morning in Asia, after declining in the last three consecutive days. In doing so, the Cable pair rebounds from a two-week-old ascending support line to consolidate the weekly loss, after snapping a three-week downtrend in the last.


USD/JPY prints mild losses around 139.35 despite bouncing off an intraday low early Wednesday morning. In doing so, the Yen pair struggles to justify the market’s cautious optimism due to the recent hawkish bias about the Bank of Japan (BoJ), as well as a broad US Dollar weakness.


AUD/USD justifies hawkish comments from Reserve Bank of Australia (RBA) Governor Philip Lowe, as well as the RBA’s surprise rate lift, as it grinds higher past 0.6650 during Wednesday’s Asian session. In doing so, the Aussie pair rises for the fifth consecutive day while making rounds to the highest levels in three weeks, marked the previous day, amid a cautious mood ahead of Australia’s first quarter (Q1) Gross Domestic Product (GDP).


NZD/USD has been range bound in the prior day following the Reserve Bank of Australia´s surprise hawkish hike. NZD/USD is steady in early Asia, sitting near 0.6075.


USD/CAD picks up bids to rebound from the lowest levels in one month as it defends the 1.3400 threshold early Wednesday. In doing so, the Loonie pair prepares for the Bank of Canada (BoC) Interest Rate Decision, up for moving markets late in the day.


The USD/CHF closed Tuesday’s session at the 0.9075 area, recording a 0.16% gain. The US dollar benefited from a cautious market mood despite US bond yields retreating ahead of next week’s CPI and interest decision from the Fed. In addition, fears of a global economic downturn amid a fresh cycle of rate hikes by the main central banks may continue to cushion the US Dollar.


Oil prices fell in Asian trade on Wednesday as weak Chinese trade data spurred more fears of slowing demand in the country, with prices having now reversed all gains made earlier this week on the back of supply cuts by the OPEC.


Gold price lacks clear directions even as bulls have an upper hand for the second consecutive week. In doing so, the precious metal depicts the sluggish markets amid an absence of the Federal Reserve (Fed) talks and a lack of major data on the calendar.

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