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30.10.2023 Market Report


EUR/USD is trading sideways near 1.0550 in the European morning on Monday. Traders refrain from placing fresh bets on the Euro ahead of the key German GDP and inflation data. Geopolitical tensions also remain a cause for concern. 


GBP/USD is trading above 1.2100, extending its struggles to gain any meaningful traction in early Europe on Monday. The pair is on the defensive, as traders stay cautious amid the ongoing Middle East tensions and ahead of key central banks’ meetings. 


The USD/JPY pair hovers around 149.65 after retracing from the monthly highs of 150.77 during the Asian session on Monday. Traders prefer to wait on the sidelines ahead of the monetary policy meeting from Japan and the US. These events might trigger volatility in the market.


The AUD/USD pair kicks off the week in a positive mood below the mid-0.6300s during the early Asian session on Monday. The softer US Dollar (USD) lends some support to the pair. However, rising geopolitical tensions in the Middle East might trigger risk-aversion in the market and drag riskier assets like the Australia Dollar (AUD) lower. The pair currently trade around 0.6339, up 0.06% on the day. 


NZD/USD recovers the recent losses, trading near 0.5820 during the Asian session on Monday. The NZD/USD pair gains ground, benefiting from a relatively subdued performance of the US Dollar (USD) following the release of the Core Personal Consumption Expenditures Price Index data from the United States (US) on Friday.


The USD/CAD pair trades with modest intraday losses above the mid-1.3800s during the Asian trading hours on Monday. The softer note of the US Dollar (USD) weighs on the pair. Investors will focus on the highly-anticipated Federal Reserve (Fed) interest rate decision on Wednesday, with no change expected. The pair currently trades near 1.3862, down 0.06% on the day.


USD/CHF continues the winning streak that began last Tuesday. The US Dollar (USD) struggles to move upward, with the potential for support as US Treasury yields rebound following losses from last week.


Oil prices fell in Asian trade on Monday, reversing a bulk of gains made in the prior session as anticipation of a Federal Reserve meeting and key economic readings this week spurred some profit-taking.


Gold price (XAU/USD) advanced beyond the $2,000 psychological mark on Friday, hitting its highest level since May 16 and registering a third straight weekly gain. An escalation in the Israel-Hamas conflict continues to fuel safe-haven buying and acts as a tailwind for the precious metal. 

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