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17.11.2023 Market Report


The EUR/USD pair stalls the overnight modest pullback from the 1.0900 neighbourhood, or its highest level since August 31 and oscillates in a narrow trading band during the Asian session on Friday. Spot prices currently trade around the mid-1.0800s, nearly unchanged for the day, as traders seek more clarity about the Federal Reserve’s (Fed) policy outlook before placing fresh directional bets.


GBP/USD looks to extend its losses for the third consecutive day ahead of the Retail Sales data from the United Kingdom, trading around 1.2410 during the Asian session on Friday.


The USD/JPY pair edges lower for the second straight day on Friday and trades around the 150.60 area during the Asian session, down less than 0.10% for the day and above the previous day’s swing low. The US Dollar (USD), so far, has struggled to register any meaningful recovery and remains well within the striking distance of its lowest level since September 1 touched on Tuesday on the back of dovish Federal Reserve (Fed) expectations.


The AUD/USD pair failed to reclaim the 0.6500 mark and hovers around 0.6468 during the early Asian session on Friday. The US Dollar (USD) gains ground despite softer US economic data and the fall in US yields.


NZD/USD extends losses on the second successive day, trading lower around 0.5960 during the Asian session on Friday. The Kiwi Dollar (NZD) faces challenges as concerns about the state of China’s property sector overshadow the positive impact of Retail Sales and Industrial Production data released on Wednesday. New Zealand, being a major exporter of dairy products to China, is sensitive to developments in the Chinese economy.


The USD/CAD pair loses momentum during the Asian session on Friday. The pair bounces off 1.3685 low to 1.3777. At press time, the pair is losing 0.1% on the day to trade at 1.3749.
On Wednesday, the US Initial Claims for the week ending November 11 rose by 231,000, the highest level in nearly three months. Additionally, the Continuing Jobless Claims climb to 1.865M versus 1.883M prior. The markets anticipate the Federal Reserve (Fed) is done with the tightening cycle and expect a rate cut in the middle of 2024, which might weigh on the Greenback and cap the upside of the USD/CAD pair.


USD/CHF hovers around 0.8880 during the Asian session on Friday. The Swiss Franc (CHF), being a safe-haven currency, is receiving upward support amid prevailing risk-off sentiment in the market. Additionally, the Swiss National Bank (SNB) has expressed its determination to defend the CHF through outright market purchases, adding to the pressure on the USD/CHF pair.


Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four month-low on Thursday on worries over global demand.


Gold price trades with a positive bias for the second straight day on Friday – also marking the fourth day of a move up in the previous five – and is currently placed just below a nearly two-week high touched the previous day. 

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