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02.10.2023 Market Report


EUR/USD is consolidating in a narrow range below 1.0600 in early Europe on Monday. The pair keeps its calm amid a steady US Dollar, higher US Treasury bond yields and a cautious mood. US ISM PMI and Powell’s speech in focus. 


GBP/USD struggles to gain any meaningful traction and oscillates in a narrow trading range. The risk-on impulse is seen undermining the safe-haven USD and lending support to the major. The divergent Fed-BoE policy outlook should keep a lid on any meaningful upside for the pair.


The USD/JPY pair hovers around 149.70 after retreating from the 11-month highs of 149.82 during the early European trading session on Monday. The renewed US Dollar (USD) broadly boosts the major pair ahead of the US ISM PMI due later on Monday. However, traders might turn cautious amid the fear of possible FX intervention by Japanese authorities.


The AUD/USD pair trades sideways below the mid-0.6400s during the early Asian session on Monday. The Australian Dollar (AUD) sell-off pauses due to the upbeat Chinese PMI data. However, the stronger UD Dollar (USD) might cap the upside of the pair. AUD/USD currently trades around 0.6430, losing 0.05% on the day.


The NZD/USD pair consolidates below the 0.6000 mark after retracing from the seven-week highs of 0.6048 during the early Asian session on Monday. Traders prefer to wait on the sidelines ahead of the US ISM Manufacturing PMI data and the Reserve Bank of New Zealand (RBNZ) rate decision. The pair currently trades near 0.5996, up 0.05% for the day.


USD/CAD kicks off the week by continuing the gains in the second trading session. The spot price is bidding the quotes higher around 1.3580 during the early Asian session on Monday.


USD/CHF continues to retrace the gains for the second consecutive day post ending a winning streak that began on September 19. The spot price trades around 0.9130 during the Asian session on Friday. The USD/CHF pair is under pressure after the moderate economic data from the United States (US).


Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored risk appetite.


Gold price is trading below $1,840, at its lowest level since March 10, setting off the final quarter of this year on a negative note. The USD is consolidating the previous rebound above the 106.00 level against its major peers, underpinned by a fresh upswing in the US Dollar.

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