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15.06.2023 Market Report


The EUR/USD pair attracts some selling following an early uptick to the 1.0845 region during the Asian session on Thursday and retreats further from a nearly one-month high touched the previous day. The pair currently trades near the lower end of its intraday trading range, just above the 1.0800 mark.


GBP/USD remains depressed around 1.2650 as it prints the first daily loss in three heading into Thursday’s London open. In doing so, the Cable pair retreated from the highest levels since late April 2022. Hawkish Fed halt joins mixed UK data, post-FOMC consolidation to tease Cable bears.


The USD/JPY pair catches aggressive bids during the Asian session on Thursday and touches the 141.00 mark for the first time since November 2022, confirming a breakout through a two-week-old trading range. The Japanese Yen (JPY) weakens in reaction to the weaker domestic data, showing that imports tumbled 9.9% in May and the trade deficit widened more than anticipated, to ¥1,372.5 billion in May. This validates expectations that the Bank of Japan (BoJ) will stick to its ultra-easy policy stance to support the economy and ensure that the recent positive signs are sustained. Apart from this, the emergence of some US Dollar (USD) buying provides an additional boost to the USD/JPY pair and remains supportive of the strong intraday move up.


AUD/USD fades a five-day-old bullish momentum at the highest levels in nearly 16 weeks as markets await more clues to confirm the Fed’s hawkish bias for the July rate hike. In doing so, the Aussie pair struggles to cheer upbeat employment and inflation data from home, as well as downbeat China statistics during early Thursday. That said, the Aussie pair remains indecisive near 0.6795 as it prods a short-term support line at the latest.


The NZD/USD pair comes under heavy selling pressure during the Asian session on Thursday and retreats further from a three-week high, around the 0.6235 region touched the previous day. The pair maintains its offered tone following the release of mostly disappointing Chinese macro data and currently trades around the 0.6165-0.6170 region, down over 0.60% for the day.


The USD/CAD pair has sensed offers near the immediate resistance of 1.3350 in the early European session. The Loonie asset is losing strength despite more interest rate hikes by the Federal Reserve (Fed) will keep the policy divergence space of the US central bank with other global banks.


The USD/CHF pair is facing delicate barricades around the immediate resistance of 0.9040 in the Asian session. The Swiss Franc asset is aiming to extend its upside journey supported by a solid recovery in the US Dollar Index (DXY).


Oil prices crept lower on Wednesday after a strong rally in the prior session as markets hunkered down ahead of a closely-watched Federal Reserve interest rate decision, while industry data pointed to a build in U.S. inventories. 


Gold price is extending the downside toward $1,930, as Asian traders hit their desks and react negatively to the hawkish US Federal Reserve (Fed) outlook, which saved the day for the United States Dollar (USD).

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