Market Update - 10 March 2023

The index appears mildly offered above the 105.00 mark. US yields accelerate the decline ahead of the key Payrolls. The US jobs report will take centre stage later in the NA session. The greenback, when measured by the USD Index (DXY), navigates within a narrow range and slightly on the defensive above the 105.00 yardstick following the opening bell in the old continent on Friday. (FXStreet)

AUD/USD reverses an intraday dip to a fresh YTD low amid the ongoing USD retracement slide. Reduced bets for a 50 bps Fed rate hike in March and falling US bond yields weigh on the buck. The risk-off mood might cap gains for the risk-sensitive Aussie ahead of the key US NFP report. (FXStreet)

GBP/USD edges higher for the third successive day on Friday amid the ongoing USD downfall. Reduced bets for a 50 bps Fed rate hike in March and sliding US bond yields weigh on the buck. The upbeat UK GDP print for January benefits the GBP and lends support ahead of the US NFP. (FXStreet)

USD/JPY has turned sideways around 136.65 as investors await US NFP for further guidance. BoJ Kuroda continued expansionary monetary policy as the domestic demand and wages have failed to spur inflation. The RSI (14) is gathering strength for shifting into the bullish range of 60.00-80.00. (FXStreet)

EUR/USD rises for the second consecutive day as markets brace for US NFP. Mixed early signals for US employment data, downbeat Treasury bond yields weigh on US Dollar. Challenges to sentiment cap the Euro moves in search of hawkish comments from ECB’s Lagarde. US jobs data needs to offer positive surprise to recall EUR/USD bears. (FXStreet)

EUR/GBP takes offers to refresh intraday low, prints three-day downtrend. UK GDP improved in January, Industrial Production, Manufacturing Production deteriorated. Hopes of Britain’s economic rebound due to the latest reshuffle in governing policies, Brexit allow GBP to remain firmer. BoE versus ECB drama could check pair sellers as the key data begins in London. (FXStreet)

NZD/USD fades bounce off the lowest levels since late November 2022, grinds lower of late. 50-EMA pierces 200-EMA from above to portray death cross suggesting further downside of the Kiwi pair. Oversold RSI conditions, lows marked during mid-November challenge bears. Buyers need a successful break of 0.6265 to retake control. (FXStreet)

USD/INR bears attack a convergence of 50-SMA, one-week-old resistance line. Upbeat oscillators suggest further recovery but 200-SMA acts as additional upside filter. Ascending trend line from Monday restricts immediate downside. (FXStreet)

GBP/JPY is aiming to recapture the 163.00 resistance as the Japanese Yen may remain volatile on the dovish BoJ policy. BoJ Governor Kuroda will be known for leaking sheer stimulus in the economy to get it out of deflation. Going forward, UK’s Manufacturing sector data will be of utmost importance. (FXStreet)

AUD/JPY marks 70-pip rebound from multi-day low on BoJ, picking up bids of late. BoJ defends current monetary policy status even as the dovish Governor departs after a decade. Governor Kuroda’s speech, risk catalysts eyed for fresh impulse. (FXStreet)

EUR/JPY has dropped quickly from 145.00 amid BoJ’s unchanged monetary policy-inspired volatility. BoJ Kuroda has mentioned that the impact of the pandemic and supply chain disruptions is fading away. A Reuters poll indicates that chances of a recession in Eurozone have trimmed to 34%. (FXStreet)

USD/CHF takes offers to refresh intraday low, drops for the third consecutive day. Bearish chart formation, downbeat MACD conditions keep sellers hopeful. Five-week-old ascending support line, 200-SMA act as additional downside filters. (FXStreet)

USD/CAD seesaws around the top line of a one-month-old bullish channel. Clear upside break of the multi-day-old horizontal resistance, upbeat MACD signals favor buyers. 100-DMA, ascending trend line from last November act as the key supports. (FXStreet)

WTI crude oil drops to the lowest levels since February 27, down for the fourth consecutive day. Fears of higher inflation, rate lifts join pre-data anxiety to weigh on Oil price. Sluggish US Dollar, Treasury bond yields fail to recall energy buyers. US NFP, Russia’s reaction to US ties with UK, Australia for nuclear submarine eyed. (FXStreet)

Gold price takes offers to refresh intraday low, pares the biggest daily gain in a week amid volatile session. BoJ inaction fails to tame market’s fears amid inflation concerns. Geopolitical woes, US Dollar’s rebound from intraday low also weigh on XAU/USD price. Key central bank announcements, US employment data for February will be the key for fresh impulse. (FXStreet)

Silver price fades bounce off four-month low after confirming bearish chart pattern earlier in Asia. Bearish MACD signals, sustained trading below the key EMAs keep XAG/USD sellers directed toward $18.80 theoretical target. Convergence of flag’s top line, 100-EMA appears short-term key upside hurdle to watch during corrective bounce. (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.