Market Update - 13 February  2023

GBP/USD has been struggling to gather recovery momentum. 1.2070 aligns as key resistance level for the pair in the short term. Wall Street's main indexes look to open flat ahead of key inflation data. (FXStreet)

AUD/USD reverses an intraday dip to sub-0.6900 levels amid a modest USD downtick. Hawkish Fed expectations to limit the USD fall and cap the pair amid the risk-off mood. Traders might also prefer to wait for the release of the crucial US CPI report on Tuesday. (FXStreet)

EUR/USD lost over 100 pips last week and stays in a consolidation phase below 1.0700 on Monday. On Tuesday, Eurostat will publish the Employment Change and Gross Domestic Product data for the fourth quarter. Following last week's sharp decline, GBP/USD moves sideways at around 1.2050 to start the week. (FXStreet)

Following Friday's volatile action, USD/JPY gathered bullish momentum early Monday and was last seen trading near 132.20, where it was up more than 0.5% on a daily basis. Reuters reported on Monday that Japan's Upper House of Parliament has scheduled confirmation hearings on government nominees for the new Bank of Japan (BoJ) governor and his two deputies on February 27. Markets widely expect the Japanese government to formally nominate Kazuo Ueda on Tuesday, February 14. (FXStreet)

NZD/USD stays pressured towards short-term key support after unimpressive weekly close. Sustained U-turn from 200-SMA, looming bear cross on MACD favor sellers. Late January low holds the key to the bear’s defeat. (FXStreet)

Despite the broad-based US Dollar strength, USD/CAD fell over 100 pips on Friday. The monthly data published by Statistics Canada showed that Net Change Employment was up 150,000 in January, compared to the market expectation of 15,000, and provided a boost to the Canadian Dollar. (FXStreet)

EUR/GBP fades bounce off monthly support, grinds near intraday high of late. Sustained trading beyond 200-SMA, looming bull cross on MACD favor buyers. Weekly resistance line guards immediate upside ahead of monthly high. (FXStreet)

GBP/JPY pares the previous day’s losses inside fortnight-long symmetrical triangle. Steady RSI backs recent recovery, 200-SMA challenges immediate upside. Multiple supports to test bears on their return. (FXStreet)

Gold price oscillates in a narrow range just above a one-month low and 50-day SMA support. Bets for additional rate hikes by the Federal Reserve act as a headwind for the yellow metal. A stronger US Dollar contributes to capping the XAU/USD, though recession fears limit losses. (FXStreet)

WTI extends pullback from two-week high amid sour sentiment. Tensions surrounding unidentified objects, hawkish Fed weigh on commodity prices. OPEC expects upbeat energy demand, Russia braces for Oil production cut. US inflation data will be crucial for clear directions. (FXStreet)

Silver price takes offers to renew multi-day low, fades the previous day’s corrective bounce off 100-DMA. Bearish MACD signals, failure to rebound from key DMA favor XAG/USD sellers. Nearly oversold RSI (14) line challenges further downside of metal. 200-DMA lures Silver bears unless XAG/USD stays below $23.25. (FXStreet)

USD/CHF is aiming to recover after a corrective move amid a risk-off market mood. The asset managed to extend its recovery move above the 23.6% Fibo retracement at 0.9291. An absence of a potential trigger is barricading the RSI (14) in crossing the 60.00 hurdle. (FXStreet)

USD/MXN is struggling to extend its recovery move above 18.70 amid the risk-off mood. A Reuters poll indicates that the monthly headline CPI and core inflation will escalate by 0.4%. Banxico is proving to be an inflation fighter after the departure of Gerardo Esquivel, who was considered a big dove. (FXStreet)

USD/INR picks up bids to pare the previous losses amid risk-off mood. Fears surrounding mystery objects, hawkish Fed roil risk profile and underpin US Dollar after Friday’s upbeat data. Light calendar, cautious mood ahead of key data/events also exert downside pressure on Indian Rupee. (FXStreet)

Bitcoin stayed relatively quiet over the weekend but ended the second straight week in negative territory, losing around 5%. BTC/USD trades up and down in a narrow channel below $22,000 early Monday. Ethereum stays in a consolidation phase and trades at around $1,500. (FXStreet)

Source: FXStreet, DailyFX

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.