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23.10.2023 Market Report


The EUR/USD pair snaps a two-day winning streak during the early European session on Monday. Market players await the European Central Bank (ECB) Interest Rate Decision on Thursday, with no rate change expected. The major pair is losing 0.15% on the day to trade at 1.0577.


GBP/USD struggles to continue the winning streak. trading around 1.2160 during the Asian session on Monday. However, the currency pair encountered a hurdle following the release of downbeat United Kingdom (UK) Retail Sales data for September on Friday. 


USD/JPY trades higher near 149.90 during the Asian session on Monday. The pair receives upward support following the comments from Bank of Japan (BoJ) Governor Kazuo Ueda on Friday.


The AUD/USD pair kicks off the new week on a positive note during the early Asian session on Monday. The modest rebound of the pair is supported by a decline in the US Dollar (USD) and a correction in the US Treasury Bond yield. The pair currently trades around 0.6320, gaining 0.10% for the day.


The NZD/USD pair trades in negative territory for the fifth consecutive day during the Asian trading hours on Monday. The escalating geopolitical tensions in the Middle East exert some selling pressure on riskier assets like the New Zealand Dollar (NZD). The pair currently trades around 0.5821, losing 0.15% on the day.


The USD/CAD pair trades sideways around 1.3715 during the early Asian session on Monday. Investors await the Bank of Canada (BoC) Interest Rate Decision on Wednesday, which is expected to hold the rate at 5.0%. Meanwhile, A rise in US Treasury bond yields and the escalating geopolitical tensions in the Middle East might boost the US Dollar (USD) and weigh on the pair.


The USD/CHF pair snaps a three-day losing streak during the early European session on Monday. The pair currently trades near 0.8951. Meanwhile, the escalating geopolitical tension between Israel and Hamas might benefit to the safe-haven currency like Swiss Franc (CHF).


If Friday’s market was any indication, oil gains could be reversed almost as quickly as they are made on news of any thawing of the crisis in the Middle East. The question though is how many hours of relative calm could there be in this conflict before the next headline of an escalation sends traders over the edge again?


Gold halts the winning streak that began on October 17, trading lower around $1,970 per troy ounce. While geopolitical tensions between Israel and Hamas typically contribute to a higher demand for gold as a traditional safe-haven asset, the current risk-on sentiment is posing a challenge to the price of gold.

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