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13.10.2023 Market Report


EUR/USD is trading close to 1.0550, finding support in the vicinity of the weekly low near 1.0520 heading into early Europe on Friday. The pair takes advantage of the broad retreat in the US Dollar and the bond yields, despite a downbeat mood. Lagarde speech and US data are in focus. 


GBP/USD retraces the recent losses that were registered on Thursday, trading higher around the 1.2200 psychological level. However, the pair faced challenges due to the optimistic economic data from the United States.


USD/JPY aims to snap the three-day winning streak, trading around 149.80 during the Asian session on Friday, aligned to the major support level at 150.00. The pair received upward support due to the slew of upbeat economic data from the United States (US).


The Aussie Dollar (AUD) continued to lose ground versus the US Dollar (USD) on Thursday following the release of US data, which sparked discussions regarding the US Federal Reserve monetary policy path. At the time of writing, the AUD/USD is trading at 0.6310, down more than 1.50%.


The NZD/USD pair trades with a negative bias for the third successive day on Friday and touches a fresh weekly low, around the 0.5920-0.5915 region during the Asian session. Spot prices remain on the defensive following the release of Chinese inflation figures and seem vulnerable to prolonging the recent sharp retracement slide from the 0.6055 area or over a two-month peak touched on Wednesday.


The USD/CAD pair edges lower during the Asian session on Friday and erodes a part of the previous day’s strong move up to the 1.3700 mark, or the weekly top. The pair currently trades around the 1.3680-1.3675 area and is pressured by a combination of factors, though the downside seems cushioned.


The USD/CHF snapped six days of consecutive losses as the Greenback (USD) stages a recovery on news that inflation in the United States (US) remains hot, sparking worries the US central bank would act to curb high inflation. Hence, the major rallied sharply, more than 0.70%, and exchanged hands at 0.9080 as the Asian session began.


Oil prices rose on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter.


Gold witnessed an intraday turnaround from the $1,885 region, or over a two-week high and settled near the lower end of its daily range on Thursday. Consumer prices in the United States rose more than expected in September and lifted expectations that the Federal Reserve will keep interest rates higher for longer. 

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