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16.10.2023 Market Report


EUR/USD is attracting some buyers above 1.0500 amid a broadly softer US Dollar early Monday. Further upside in the pair, however, appears elusive amid escalating Hamas-Israel geopolitical risks. Focus shifts to ECB- and Fed-speak for fresh impetus. 


The GBP/USD pair gains traction above the mid-1.2100s during the Asian session on Monday. The softer US Dollar lends some support to the pair. The risk sentiment dominate the market ahead of the key UK employment data and US Retail Sales on Tuesday. 


USD/JPY extends its losses on the second successive session, trading lower around 149.40 during the Asian session on Monday. The uncertainty regarding the Federal Reserve’s (Fed) future decisions on interest rates is contributing to a complex and fluctuating environment for the US Dollar (USD).


The AUD/USD pair remains on the defensive during the early Asian session on Monday. Risk sentiment will dominate the pair ahead of the US Retail Sales and the Reserve Bank of Australia (RBA) Meeting Minutes on Tuesday. The pair currently trades near 0.6305, up 0.15% on the day.


The NZD/USD pair attracts some buyers during the early Asian trading hours on Monday. Investors await the New Zealand Consumer Price Index (CPI) data due later on Monday. The inflation figures for the third quarter (Q3) quarterly and annually are expected to rise by 2.0% and 5.9%, respectively. The pair currently trades around 0.5909, gaining 0.35% on the day.


The USD/CAD pair struggles to gain during the Asian session on Monday. The downtick of the pair is supported by the US Dollar (USD) weakness and the rally in oil prices. The Canadian inflation data and US Retail Sales on Tuesday could trigger the volatility in the pair. As of writing, USD/CAD is trading near 1.3645, edging lower while losing 0.10% for the day.


The USD/CHF pair remains under selling pressure above the 0.9000 area during the early Asian session on Monday. The downtick of the pair is bolstered by the softer US Dollar (USD) and a decline in US Treasury yield amid the rising geopolitical tensions in the Middle East. The pair currently trades near 0.9018, unchanged for the day.


Crude Oil held above $90 a barrel, equities slid and the safe-haven dollar was firm on Monday amid heightened anxiety over escalating violence in Gaza and the prospect the conflict could spread beyond Israel and Hamas into the wider region.


Gold price is retracing a small portion of Friday’s massive surge to the highest level in three weeks at $1,933. The United States Dollar (USD) stays on the defensive while the US Treasury bond yields tick higher, as investors take account of the ongoing Israel-Hamas conflict and fresh developments over the weekend.  

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