Pre Loader

08.05.2023 Market Report


EUR/USD picks up bids to refresh intraday high, extends Friday’s rebound towards multi-month high marked late April. US Dollar bears the burden of mixed jobs report, mixed feelings about US debt ceiling and bank crisis. Hawkish ECB rate hike contrasts with Fed’s dovish rate lift to propel Euro price.


GBP/USD gains traction for the fourth straight day and climbs to a fresh one-year high on Monday. Dovish Fed expectations keep the USD depressed and remain supportive of the ongoing move up. Investors now look to the US CPI on Wednesday for a fresh impetus ahead of the BoE on Thursday.


The USD/JPY pair has jumped above the 135.00 mark in the Asian session. The asset has received the attention of buyers amid the release of the dovish Bank of Japan’s (BoJ) April monetary policy meeting minutes.


The AUD/USD pair has refreshed its day’s high at 0.6770 in the Asian session. The upside bias for the Aussie asset is the outcome of multiple headwinds for the US Dollar.  Mounting fears of US banking jitters, uncertainty over the debt ceiling crisis, and unimpressive Nonfarm Payrolls (NFP) report are barricading the US Dollar from any meaningful recovery.


NZD/USD rises half a percent to lead the G10 currency pair gainers during early Monday. That said, the Kiwi pair buyers poke the 0.6300 round figure while reversing Friday’s U-turn from the highest levels since early April.


The USD/CAD pair has found an intermediate cushion after a massive sell-off to near 1.3370 in the early Asian session. The Loonie asset is expected to extend its downside journey as oil prices have strengthened further on expectations that the Federal Reserve (Fed) will pause its policy-tightening spell and strong Canada’s labor market data renewed fears of more interest rate hikes from the Bank of Canada (BoC).


The USD/CHF pair is displaying a back-and-forth action near the 0.8900 cushion in the Asian session. The Swiss franc asset has turned sideways as investors are awaiting the release of United States Consumer Price Index (CPI) data, which will release on Wednesday.


Oil prices kept to a tight range on Monday but were reeling from three straight weeks of losses as concerns over worsening demand and economic growth weighed, with focus now turning to key U.S. and Chinese economic readings this week.


Gold price picks up bids to reverse the previous day’s pullback from an all-time high. The precious metal benefits from the softer US Dollar and the market’s cautious optimism as traders prepare for the key US Consumer Price Index (CPI) and Producer Price Index (PPI).

Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.