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15.09.2023 Market Report


EUR/USD dropped despite a 25 basis points (bps) rate hike by the European Central Bank (ECB) on Thursday. The pair has continued its losing streak and is trading lower around 1.0640 during the Asian session on Friday. This decline in the Euro (EUR) can be attributed to the ECB’s dovish tone.


GBP/USD gains some positive traction and moves away from a multi-month low set on Thursday. A combination of factors prompts some USD profit-taking, which lends support to the pair. Diminishing odds for more aggressive BoE rate hikes might keep a lid on further gains for the GBP.


The USD/JPY pair consolidates its recent gains in a narrow range below the mid-147.00s during the early Asian trading hours on Friday. The stronger US dollar (USD) is bolstered by robust US economic data. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, holds above 105.35, near its highest daily close since March. The pair currently trades near 147.45, losing 0.02% on the day.


The AUD/USD pair attracts some buying for the second successive day on Friday and climbs to a nearly two-week high during the Asian session. Spot prices climb further beyond mid-0.6400s following the release of the mostly upbeat Chinese macro data, though the fundamental backdrop warrants some caution before positioning for any further appreciating move.


The NZD/USD pair reverses its course and surges to 0.5925 during the early Asian trading hours on Friday. The rebound in Kiwi is supported by the stronger-than-expected Chinese data.


The USD/CAD pair edges higher during the Asian session on Friday and for now, seems to have snapped a five-day losing streak to a nearly two-week low – levels just below the 1.3500 psychological mark touched the previous day. Spot prices, however, lack any follow-through buying or bullish conviction and currently trade around the 1.3515 region, up less than 0.10% for the day.


USD/CHF has almost recovered from the intraday losses, trading around 0.8930 during the European session on Thursday. However, the pair remains under pressure ahead of more economic data releases from the United States (US) scheduled to be released later in the North American session.


The oil market is headed for a third straight week of gains, bolstered by supply constraints from leading oil producers Saudi Arabia and Russia. The West Texas Intermediate (WTI) crude oil benchmark has demonstrated a consistent upward trend, crossing the $90 per barrel mark on Thursday, a high not observed since November of the previous year.


Gold price builds on the previous day’s goodish bounce from the $1,900 mark, or over a three-week low and gains some follow-through traction, for the second successive day on Friday. The momentum lifts the XAU/USD to a three-day peak, around the $1,915-$1,916 region during the Asian session.

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