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15.11.2023 Market Report


The EUR/USD surges above 1.0850 but faces rejection below the 1.0900 mark during the early European trading hours on Wednesday. The weaker-than-expected US inflation data exerts some selling pressure on the US Dollar (USD) and supports the EUR/USD pair. 


GBP/USD came under modest bearish pressure and declined below 1.2500 in the European morning on Wednesday. The data from the UK showed that the annual CPI inflation softened to 4.6% in October from 6.7% in September, causing Pound Sterling to lose interest. 


The USD/JPY pair regains positive traction during the Asian session on Wednesday and reverses a part of the previous day’s heavy losses to the 150.15 area, or a one-week low. The intraday buying picks up pace following the worse-than-expected release of the Japanese GDP print and lifts spot prices to a fresh daily peak, around the 150.75-150.80 region in the last hour.


The Australian labor market continues to exhibit signs that it may have peaked. The Unemployment Rate is expected to have risen slightly in October, remaining close to record lows. Last week, the Reserve Bank of Australia (RBA) increased its key interest rate by 25 basis points following four consecutive pauses. The decision was made in order to have greater confidence that inflation would return to the target range within a reasonable timeframe. The RBA acknowledged that while conditions in the labor market have softened, they still remain tight.


The NZD/USD pair attracts some dip-buying during the Asian session on Wednesday and climbs back above the 0.6000 psychological mark in the last hour. Spot prices touch a fresh one-month peak, around the 0.6015 area in the last hour and react to the mixed Chinese macro data.


The USD/CAD pair attracts some sellers during the Asian session on Wednesday. The weaker US dollar, backed by a significant drop in US Treasury bond yields, weighs on the USD/CAD pair. At press time, the pair is trading near 1.3688, losing 0.03% for the day.


USD/CHF plunged sharply on Tuesday, more than 100 pips, due to the downbeat US inflation data. The USD/CHF pair seems to extend the losses, trading lower near 0.8890 during the Asian session on Wednesday.

US Bureau of Labor Statistics (BLS) revealed a lower-than-expected Consumer Price Index (CPI) data for October, with the annual rate easing at 3.2%, falling short of 3.3% as anticipated. US Core CPI saw a rise of 0.2%, below the expected 0.3%.


Oil prices rose on Wednesday as China’s factory output and retail sales beat expectations, a day after the International Energy Agency (IEA) raised its oil demand growth forecast for this year.


Gold price struggles to capitalize on its weekly gains registered over the past two days and oscillates in a narrow trading band during the Asian session on Wednesday. The USD ticks higher and recovers a part of the previous day’s slump to its lowest level since September 1.

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