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31.03.2023 Market Report


EUR/USD is extending the pullback below 1.0900 after Germany’s Retail Sales disappointed by a wide margin early Friday. The pair retreats from weekly highs amid a broad US Dollar rebound, as investors turn cautious ahead of the Eurozone and US inflation data. 


GBP/USD is holding steady below 1.2400, having eased from two-month highs at 1.2423 in the early European morning. The pair is weighed down by the mixed UK economic data and a minor pullback in the US Dollar. Focus now remains on the US PCE data. 


USD/JPY drops to 132.90 amid early Friday, after refreshing a two-week high, as market sentiment turns dicey ahead of the key US inflation catalysts. Adding strength to the pullback moves could be the chatters surrounding the Bank of Japan (BoJ) and mixed Japan data, not to forget the sluggish US Treasury bond yields.


The AUD/USD pair has jumped above 0.6730 as China’s National Bureau of Statistics (NBS) has reported better-than-projected PMI figures. Manufacturing PMI has landed at 51.9, higher than the consensus of 51.5 but lower than the former release of 52.6. The Non-Manufacturing PMI has mounted higher at 58.2 vs. the former release of 56.3.


NZD/USD renews the highest levels of the week, taking bids to refresh the multi-day top near 0.6300 on upbeat China activity data for March, published early Friday. Adding strength to the Kiwi pair’s upside is the broad US Dollar weakness amid receding hawkish Federal Reserve (Fed) bets and the mixed US data, not to forget the market’s cautious optimism.


USD/CAD licks its wounds around 1.3520 as it pares the weekly losses around the lowest levels in more than a month, after refreshing the multi-day low, during early Friday. In doing so, the Loonie pair takes clues from the inactive Oil price and the US Dollar amid the market’s cautious mood ahead of the key inflation data from the US, as well as Canada’s Monthly Gross Domestic Product (GDP) data for January.


The USD/CHF pair has faced tough barricades near 0.9140 in the Asian session. The Swiss Franc asset is expected to register a fresh two-week low after slipping below 0.9120 ahead. The downside bets for the major are accelerating as the US Dollar Index (DXY) has dropped after a short-lived pullback near 102.25. The downside action in the USD Index is expected to drag it below the 102.00 mark.


Oil prices moved little on Friday as Chinese business activity data offered mixed economic cues on the world’s largest crude importer, while markets also awaited fresh direction from an OPEC meeting next week.


Gold price pares weekly losses while easing from an intraday high to $1,980 during early Friday morning in Europe. In doing so, the yellow metal traces the market’s consolidation ahead of the key Eurozone and the US inflation clues.

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