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01.11.2023 Market Report


EUR/USD is on the defensive below the 1.0600 level in early Europe on Wednesday. The pair is undermined by a cautious risk tone while the US Dollar holds firm ahead of the Fed interest rates decision and key US jobs data. 


GBP/USD is holding lower ground below 1.2150 in the European morning on Wednesday. The US Dollar clings to recovery gains ahead of the Federal Reserve decision, supported by higher Treasury yields. US jobs and ISM PMI eyed as well. 


USD/JPY trades around 151.20 during the Asian session on Wednesday, pulling back from the yearly high marked after the Bank of Japan (BoJ) removed the 1% ceiling for the 10-year government bond yield on Tuesday.


The AUD/USD pair sticks to a range-bound trade during the early Asian session on Wednesday. Appetite for risk assets elsewhere was subdued ahead of the Federal Open Market Committee (FOMC) announcement, with no change in rates expected. The pair currently trades around 0.6334, losing 0.04% for the day.


The NZD/USD pair remains under some selling pressure for the second straight day on Wednesday and slips below the 0.5800 mark during the Asian session, hitting a fresh weekly low in reaction to the disappointing Chinese data.


USD/CAD attempts to extend the gains for the second consecutive day on the back of improved risk appetite ahead of the US Federal Reserve (Fed) monetary policy decision. The spot price trades slightly higher near 1.3880 during the Asian session on Wednesday.


The USD/CHF pair consolidates its recent gains after climbing to multi-week highs of 0.9107 during the Asian session on Wednesday. Investors await the highly anticipated Federal Open Market Committee (FOMC) policy meeting later on Wednesday, with no change in rate expected. The pair currently trades around 0.9097, down 0.07% on the day.


Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watched the latest developments in the Israel-Hamas conflict.


Gold price drifts lower for the third successive day and refreshes weekly low on Wednesday. Receding safe-haven demand and hawkish Fed expectations continue to weigh on the metal. China’s economic woes could lend support to the safe-haven metal ahead of the Fed decision.

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