Pre Loader

02.06.2023 Market Report


EUR/USD clings to mild gains around 1.0760-65 as it lacks follow through of the previous day’s heavy run-up amid the market’s cautious mood ahead of the key US employment data. Softer Eurozone inflation, mixed comments from ECB officials prod Euro buyers.


GBP/USD aptly portrays the pre-NFP anxiety in markets during early Friday as it seesaws around 1.2530 by the press time. In doing so, the Cable pair also justifies the latest challenges to the upside momentum flagged from London.


USD/JPY pares weekly losses around 138.85-90 during early Friday’s boring session as traders await the US jobs report amid a light calendar in Japan. Adding strength to the market’s inaction could be the mixed feelings about the US Federal Reserve (Fed) and the Bank of Japan (BoJ) of late, as well as the inactive bond market by the press time.


AUD/USD bulls stay in the driver’s seat as it renews weekly top near 0.6615 heading into Friday’s European session. In doing so, the Aussie pair cheers broad US Dollar weakness, as well as upbeat wage announcements from home, while ignoring fears of the Reserve Bank of Australia’s (Fed) policy pivot. Adding strength to the risk-barometer pair’s latest run-up could be the passage of the US debt-ceiling deal through the Senate.


The NZD/USD pair has moved to near the crucial resistance of 0.6080 in the Asian session. The Kiwi asset has gained strength as the US Dollar Index (DXY) is preparing for a fresh downside. The USD Index is expected to refresh its weekly low below 103.50 as support for a pause in the Federal Reserve (Fed)’s rate-hiking spell by some Fed policymakers has trimmed its appeal.


The USD/CAD pair is demonstrating back-and-forth action below 1.3450 in the Tokyo session. The Loonie asset has muted after a perpendicular sell-off as investors are awaiting the release of the United States Nonfarm Payrolls (NFP) data for further guidance.


The USD/CHF pair is in a declining stage in early Asia and is expected to drop further toward the crucial support of 0.9050. The Swiss Franc asset witnessed a steep fall after dovish commentary from Federal Reserve (Fed) policymakers.


Oil prices rose in Asian trade on Friday as markets cheered the approval of a bill to raise the U.S. debt ceiling and avoid a default, although uncertainty ahead of an OPEC meeting over the weekend kept gains in check.


Gold price is treading water above the $1,970 level on the United States Nonfarm Payrolls (NFP) day, as the US Dollar (USD) is licking its wounds, in the face of an upbeat market mood and mixed US economic data releases.

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.