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09.05.2023 Market Report


 EUR/USD is on the back foot, gyrating around the 1.1000 mark in early Europe. The mixed market mood is helping the US Dollar sustain its recovery gains, undermining the currency pair. Speeches from ECB and Fed policymakers eyed. 


GBP/USD is holding steady in the early European morning, having found some support just above 1.2600. The pair is struggling to stage a comeback, as the US Dollar holds the renewed upside amid a cautious market sentiment. Fedspeak is next in focus. 


USD/JPY takes the bids to refresh intraday high near 135.30, up for the third consecutive day, as Bank of Japan (BoJ) Governor Kazuo Ueda defends easy money policy as markets in Tokyo open for Tuesday. Adding strength to the risk-barometer pair could be the comments from Japan’s Finance Minister (FinMin) Shunichi Suzuki, as well as broadly firmer US Treasury bond yields and the US Dollar.


AUD/USD holds lower grounds near 0.6775, extending pullback from intraday high during the first daily loss in seven amid early Tuesday. In doing so, the Aussie pair justifies mostly downbeat China trade numbers for April, as well as softer Aussie Retail Sales figures, amid sour sentiment.


The NZD/USD pair has displayed a mild correction to near 0.6340 in the early Asian session after a juggernaut rally. The Kiwi asset is expected to resume its upside journey as the US Dollar is expected to remain on tenterhooks ahead of the US debt ceiling talks between the White House and major Republican leaders.


USD/CAD renews intraday low near 1.3365 as it fails to defend the week-start rebound amid sluggish markets during early Tuesday. Adding strength to the Loonie pair’s pullback moves could be the US Dollar’s struggle to defend the previous gains amid a cautious mood ahead of the key US debt-ceiling talks in the White House. It’s worth observing that mildly bid WTI crude oil, Canada’s key exports, also allows the quote to lure bears.


USD/CHF remains depressed around 0.8900 round figure amid Tuesday’s Asian session, following the first daily loss in three. In doing so, the Swiss Franc (CHF) pair traces downbeat options market signals to fade the bounce off the lowest levels since January 2021 marked in the last week.


Oil prices moved in a flat-to-low range in early Asian trade on Tuesday as investors turned cautious ahead of key U.S. inflation data this week, while trade data from major crude importer China was also in focus.


Gold price edges higher toward $2,030 amid a retreat in the US Treasury bond yields across the curve. A further upside, however, appears elusive amid a better mood seen around the US Dollar. Investors await the US CPI data for a fresh directional impetus. 

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