Market Update - 03 March 2023

GBP/USD once again finds support near the 200-day SMA and regains positive traction on Friday. Retreating US bond yields prompts some selling around the USD, which is seen as lending support. Rising bets for additional rate hikes by the BoE and the Fed warrant caution for aggressive traders. (FXStreet)

USD/JPY retreats from the YTD peak touched on Thursday amid a modest USD weakness. A softer risk tone benefits the safe-haven JPY and also contributes to the intraday decline. The divergent Fed-BoJ policy outlook could lend support and help limit any further losses. (FXStreet)

The index gives away part of Thursday’s gains and returns to 104.70. The rally in US yields take a breather so far on Friday. ISM Non-Manufacturing, Services PMI, Fedspeak next on tap in the docket. The USD Index (DXY), which tracks the greenback vs. a basket of its main rivals, comes under some selling pressure and returns to the sub-105.00 area on Friday. (FXStreet)

USD/CAD meets with a fresh supply on Friday and is pressured by a combination of factors. Bullish Oil prices underpin the Loonie and act as a headwind amid a modest USD weakness. Recession fears, hawkish Fed expectations should limit losses for the USD and lend support. (FXStreet)

GBP/USD grinds near intraday high as it pokes immediate resistance line. Bearish MACD signals, 200-EMA challenge the recovery moves. Three-month-old ascending trend line restricts immediate downside as RSI shows receding bearish bias. (FXStreet)

USD/CNH has refreshed its day low near 6.8900 as Caixin Services PMI performed better than anticipations. The US Dollar Index (DXY) is struggling to sustain above the immediate support of 104.80. A bear cross, represented by the 20-and 50-period EMAs at 6.9144, adds to the downside filters. (FXStreet)

EUR/USD is looking to shift its auction profile above 1.0600 as the risk-off mood retreats. The 10-year US Treasury yields have slipped to 6.05%, indicating a recovery in the risk appetite. Eurozone Retail Sales might continue their declining trend ahead. (FXStreet)

NZD/USD regains some positive traction on Friday amid a modest USD weakness. The upbeat Chinese data undermines the safe-haven buck and lends some support. Recession fears, hawkish Fed expectations to limit the USD losses and cap the pair. (FXStreet)

AUD/USD grinds near intraday high, defends the first weekly gains in three. Bulls keep the reins amid hopes of US-China peace on trade, upbeat China data and mixed Aussie statistics. Fresh talks of Fed’s pivot trigger retreat in yields and propel Aussie pair. Markets remain dicey ahead of US ISM Services PMI, limiting AUD/USD moves. (FXStreet)

USD/INR prints five-week losing streak as bears attack the lowest level in nearly a month. Hopes of robust economic recovery in India, hawkish RBI bets underpin INR strength. Fresh chatters surrounding Fed’s policy pivot weigh on prices. US ISM Services PMI should be eyed for intraday directions. (FXStreet)

WTI crude oil price struggles around two-week high, eases from four-month-old resistance line of late. Recently firmer MACD signals, upbeat RSI (14) hints at the quote’s further upside, 100-DMA acts as additional resistance. WTI bears remain off the table unless the quote stays beyond one-week-old support line. (FXStreet)

Prices of natural gas retreated marginally amidst diminishing open interest and volume on Thursday. So far, further consolidation appears likely around the $2.80 region in the very near term. The breakout of this theme faces the next hurdle at a Fibo retracement around $3.20 per MMBtu. (FXStreet)

Gold price bulls come alive in a bullish reversal week. US Dollar retraced a bit despite surging US Treasury 10-year bond yields. ISM Services PMI release is still awaited for fresh impulse on XAU/USD. (FXStreet)

Silver price clings to 200-DMA as buyers struggle to extend key trend line breakout. Looming bull cross on MACD, nearly oversold RSI conditions favor bullish bias. Previous resistance line from early February, 61.8% Fibonacci retracement level restricts immediate downside. (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.