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22.09.2023 Market Report


EUR/USD is trading lower at around 1.0650, holding its downward trajectory on Friday. The sustained US Dollar strength exerts downward pressure on the pair amid an upbeat mood and higher US Treasury bond yields. EU/ US PMIs eyed. 


GBP/USD is trading depressed below 1.2270, well within the striking distance of a multi-month low set on Thursday. Discouraging UK Retail Sales data weighs on the pair after a surprise BoE pause. The focus shifts to UK/ US PMI data. 


The USD/JPY pair regains positive traction during the Asian session on Friday and the buying interest picks up pace after the Bank of Japan (BoJ) announced its policy decision. Spot prices climb back above the 148.00 mark in the last hour and remain well within the striking distance of the YTD peak touched on Thursday.


The AUD/USD pair struggles to build on the previous day’s bounce from the 0.6385 region, or over a one-week low, and seesaws between tepid gains/minor losses through the Asian session on Friday. Spot prices currently trade just above the 0.6400 mark, though the fundamental backdrop supports prospects for a further near-term depreciating move.


The NZD/USD pair loses traction after seeing a rejection at 0.5940 during the early Asian session on Friday. The pair currently trades near 0.5925, down 0.10% on the day. The mixed New Zealand Trade Balance data and the upbeat growth number fail to impress the pair as investors digest the outcome of the Federal Reserve (Fed) meeting on Wednesday.


The USD/CAD pair snaps its two-day winning streak and edges lower to 1.3460 during the Asian session on Friday. A rebound in oil prices underpins the commodity-linked Loonie as the country is the leading oil exporter to the United States. Market players await the monthly Canadian Retail Sales for July and the US S&P Global/CIPS PMI data due later on Friday’s North American session.


The Swiss Franc (CHF) lost ground against the US Dollar (USD) on Thursday after the Swiss National Bank (SNB) surprisingly decided to hold rates unchanged, surprising the markets, which priced in a rate hike to 2%. Hence, the USD/CHF edges higher by 0.59%, exchanging hands at 0.9038.


Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks.


Gold price is recovering ground from the weekly low of $1,914 ahead of a busy Friday, packed with preliminary global PMI data releases. The United States Dollar (USD) is taking a breather even though the US Treasury bond yields are setting fresh multi-year highs.

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