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05.10.2023 Market Report


EUR/USD continues on the gains registered in the previous session, trading higher around 1.0520 during the Asian trading session on Thursday. The pair encountered challenges amid market caution regarding the interest rate trajectory of the US Federal Reserve (Fed).


The GBP/USD pair struggles to capitalize on the previous day’s goodish intraday recovery from the 1.2035 area, or its lowest level since March 16 and oscillates in a narrow trading band during the Asian session on Thursday. Spot prices currently trade below mid-1.2100s and remain at the mercy of the US Dollar (USD) price dynamics.


USD/JPY has come under intense selling pressure in Asian trading on Thursday, as it approaches the 148.00 mark. The pair is weighed down by the ongoing pullback in the US Dollar alongside the US Treasury bond yields, Japanese intervention risks also add to the weight on the pair. 


AUD/USD has recaptured 0.6350, building on the previous recovery in the Asian session on Thursday. The extended US Dollar correction combined with a positive risk sentiment is aiding the upside. Upbeat Australian trade data also underpins the Aussie pair. 


The NZD/USD pair gains momentum above the 0.5900 area during the early Asian session on Thursday. A recovery of the pair is bolstered by the correction in the US Dollar (USD) following the softer US labor data. Meanwhile, the US Dollar Index (DXY) drops to 106.60. The pair currently trades near 0.5935, up 0.35% on the day.


The USD/CAD pair extends its upside around the mid-1.3700s during the early Asian session on Thursday. A fall in oil prices exerts some selling pressure to the Canadian Dollar (USD) and supports the USD/CAD pair. Markets turn cautious ahead of the US Nonfarm Payrolls on Friday, with the US economy expected to create 170,000 jobs in September.


The USD/CHF pair drifts lower for the second successive day on Thursday and moves further away from over a six-month top, around the 0.9245 region touched earlier this week. The steady descent drags spot prices to a multi-day low, below mid-0.9100s during the Asian session and is sponsored by a modest US Dollar (USD) downtick.


Oil prices inched up on Thursday, clawing back some of the previous session’s big losses after an OPEC+ panel maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains.


Gold price is trading in the green for the first time in nine trading days early Thursday, as sellers take a breather after finding a floor near $1,815. A positive shift in risk sentiment on the back of multiple fundamental catalysts is saving the day for Gold price but the further recovery remains elusive.

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