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30.06.2023 Market Report


EUR/USD is holding lower ground near 1.0850, hanging at the weekly low early Friday. Economic woes act as a headwind for the Euro, though subdued USD demand lends support. Traders also seem reluctant ahead of the key inflation figures from the Eurozone and the US.


GBP/USD attracts some buyers on Friday and draws support from subdued USD price action. The BoE’s aggressive rate hike fueled recession fears and could act as a headwind for the GBP. The hawkish Fed should limit the USD losses and cap the pair ahead of the US PCE Price Index.


USD/JPY retreats from the yearly top, marked earlier in the day, as the market fears Japanese intervention to defend the Yen amid early Friday. That said, the risk-barometer pair rose to a fresh high since November 2022 after mostly downbeat Japan data. However, comments from Tokyo officials and a cautious mood ahead of the key US data triggered the pair’s retreat from 145.07.


The AUD/USD pair struggles to capitalize on the previous day’s modest gains and meets with some supply during the Asian session on Friday. Spot prices remain on the defensive around the 0.6600 mark, just above a nearly four-week low touched on Thursday and move little in reaction to the mixed Chinese macro data.


NZD/USD bears take a breather near the multi-day low as mixed data from China joins upbeat economic signals at home to prod further downside during early Friday. Also challenging the Kiwi bears is the cautious mood ahead of the key US inflation gauge. That said, the Kiwi pair picks up bids to 0.6075 as it prints the first daily gain, of 0.05% intraday at the latest, in four as we write.


USD/CAD registered minuscule losses on Thursday in a session that witnessed the US Dollar (USD) as the strongest currency, which rose on better-than-expected US economic data which failed to boost the USD/CAD. The USD/CAD is trading at 1.3249 after hitting a high of 1.3285.


USD/CHF remains lackluster around the weekly top, recently making rounds to 0.8995-9000, as traders await the key Swiss and the US data amid early Friday. Also likely to have prod the Swiss Franc (CHF) pair could be the hawkish bias of the Swiss National Bank (SNB) and the Federal Reserve (Fed) officials, not to forget upbeat US data.


Oil prices kept to a tight range on Friday as soft Chinese data pointed to persistent economic headwinds in the world’s largest oil importer, although Brent was still on course for its first positive month in 2023.


Gold price lacks clear directions even as bears keep the reins at the lowest levels in three months. That said, the metal’s latest inaction could be linked to the cautious mood ahead of the key US inflation clues, as well as amid mixed economics from China.

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