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06.10.2023 Market Report


EUR/USD  is seen oscillating in a narrow trading band around 1.0550 heading into the European morning on Friday. The US Dollar is consolidating its two-day corrective decline amid a better mood and ahead of the key US payrolls data. 


GBP/USD looks to retrace recent gains, trading slightly lower around 1.2180 during the Asian session on Friday. However, the pair received upward support, which could be attributed to the correction in the US Dollar (USD) following the decline in US Bond yields.


The USD/JPY pair attracts some dip-buying near the 148.30 area during the Asian session on Friday and reverses a part of the previous day’s losses, albeit lacks bullish conviction. Spot prices currently trade around the 148.65 region, up just over 0.10% for the day, as traders prefer to wait on the sidelines ahead of the closely-watched US monthly employment details.


The AUD/USD pair extends its upside for two straight days during the early Asian trading hours on Friday. The upside of the pair is bolstered by the correction of the US Dollar (USD) and a decline in US Treasury yields. Market players await the US employment report for fresh impetus. The pair currently trade around 0.6371, gaining 0.03% on the day.


The Kiwi (NZD) caught a bid against the US Dollar (USD) on Thursday, rising steadily from the day’s opening bids near 0.5920. Mixed US economic data failed to revive Greenback buying in the markets, giving the NZD/USD a much-needed chance to recover some ground on the charts.


The USD/CAD pair finds support above the 1.3700 mark during the early Asian session on Friday. A decline in oil prices continues to exert pressure on the commodity-linked Loonie. Market players await the employment data from both the US and Canada due later in the American session on Friday. The pair currently trades around 1.3706, gaining 0.01% on the day.


The USD/CHF pair finds some support near the 0.9120 region during the Asian session on Friday and for now, seems to have stalled this week’s corrective pullback from its highest level since March 22. Spot prices, however, remain confined in a familiar range held over the past two weeks or so, awaiting a fresh catalyst before the next leg of directional move.


Crude prices edged higher on Friday amid deep weekly losses left by one of the oil market’s worst tumbles for the year. With September US jobs data, due later on Friday, being the final major development for this week awaited by markets, some support emerged for oil trading at closer to $80 per barrel than the mid-$95 levels of last month.


Gold price edges higher during the Asian session on Friday and for now, seems to have snapped a nine-day losing streak around the $1,813 area, or a fresh seven-month low touched the previous day. Any meaningful upward move, however, still seems elusive.

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