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24.10.2023 Market Report


EUR/USD is holding recovery gains but remains below 1.0700 early Tuesday. The pair capitalizes on the US Treasury bond yields slide and the resultant US Dollar weakness. A positive shift in risk sentiment is aiding the renewed upside. EU/ US PMIs eyed. 


GBP/USD is staying directed toward 1.2300 in early Europe on Tuesday. The pair is benefiting from a broadly subdued US Dollar and a positive shift in risk sentiment. The UK jobs data fail to move the needle around the Pound Sterling. PMIs eyed. 


The USD/JPY pair sticks to mild gains after bouncing off the 149.55 low during the early Asian session on Tuesday. The pair currently trades near 149.76, gaining 0.03% on the day. However, the fear of FX intervention by the Japanese authorities remains intact.


The AUD/USD pair posts modest gains below the mid 0.6300s during the early Asian session on Tuesday. The rebound of the pair is supported by the correction of the US dollar (USD) and the US Treasury bond yields. The pair currently trades around 0.6336, gaining 0.02% on the day.


The NZD/USD is catching some bids into 0.5850 as broad market risk appetite stabilizes heading into a bumper week of US data readings. The economic calendar is notably absent any meaningful Kiwi-based figures for NZD traders to chew on, leaving the NZD/USD to get pushed around by market reactions to US growth and inflation figures. Tuesday sees US Purchasing Manager Index (PCI) figures for October, and both components of the PMI are forecast to decline, albeit slightly: the Manufacturing PMI is expected to tick down from 49.8 to 49.5, while the Services PMI is seen declining from 50.1 to 49.9, slipping back into expected contraction territory to match manufacturing expectations.


The USD/CAD pair extends its downside during the Asian session on Tuesday. The downtick of the pair is driven by the correction of the US Dollar (USD) to a one-month low. However, a rise in US Treasury bond yields and the escalating geopolitical tensions in the Middle East might limit the USD’s downside. The pair currently trades near 1.3674, down 0.12% for the day.


USD/CHF loses ground for the second successive day, trading lower near 0.8900 during the Asian session on Tuesday. The pair faces challenges due to the downfall in the US Dollar (USD), which could be attributed to the dovish remarks by the US Federal Reserve (Fed) officials.


Oil prices rose on Tuesday, recovering some of the previous day’s losses, as investors remained nervous that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region, causing potential supply disruptions.


Gold price is seeing fresh demand early Tuesday, having held onto its tight corrective range at the start of the week on Monday. Gold price booked the first daily loss in five, although the pullback was capped by a sharp retracement in the US Treasury bond yields, which dragged the United States Dollar lower.

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