Market Update - 16 March 2023

Australian Employment data boosts AUD/NZD, eye on 1.07800 mark. Disappointing NZ GDP data weigh on the NZD, fueling AUD/NZD gains. Aussie jobs number boost 25 bps RBA hike for the next meeting. (FXStreet)

The index leaves behind Wednesday’s tops above 105.00. Alleviated risk aversion removes some strength from the dollar. Weekly Claims, Philly Fed index, housing data next on tap. The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, gives away part of the recent advance and returns to the mid-104.00s on Thursday. (FXStreet)

fades bounce off three-week-old support line, grinds lower of late. Receding bullish bias of MACD, descending RSI line lure sellers. 100, 200 EMAs act as additional downside filters. Weekly descending trend line holds the key to Loonie pair’s run-up towards refreshing 2023 top.  (FXStreet)

clings to mild losses as market sentiment remains sour despite latest consolidation. Yields stabilize near multi-day low as policymakers rush to tame financial market fears. Upbeat Japan data, challenges for hawkish central bank moves due to Credit Suisse crisis also weaken the Yen pair. Risk catalysts, bond market moves eyed for clear directions. (FXStreet)

AUD/USD has printed a fresh intraday high at 0.6645 as a correction in the USD Index has extended. Federal Reserve might continue a 25 bps rate hike move as January’s upbeat US economic data was a one-time show. An upbeat Australian Employment data has propelled the odds of more rates announcements from the Reserve Bank of Australia. AUD/USD is consolidation near the critical support plotted from 0.6585. (FXStreet)

EUR/USD sticks to mild gains while paring the biggest daily loss since September 2022. ECB policymakers are likely to cite inflation fears to justify anticipated 50 bps rate hike, forward guidance will be crucial. As Credit Suisse crisis follows US bank fallouts, fears of financial market crackdown like 2008 could weigh on Euro pair. Bond market moves, ECB’s signals for future rate hikes and economic conditions will be crucial for near-term directions. (FXStreet)

EUR/GBP picks up bids to consolidate the biggest daily loss in three weeks. Bearish oscillators, sustained trading below one-week-old descending trend line keep sellers hopeful. Bears could aim for 61.8% Fibonacci retracement, 200-DMA on breaking immediate support (FXStreet)

GBP/USD is in silent mode amid BoE emergency talks on Credit Suisse crisis. Liquidity squeeze and falling yields are dialing back aggressive tightening across the globe. US PPI eased the price pressure while Retail Sales showed muted activity. (FXStreet)

GBP/JPY bears eye on 159.00 level amid liquidity crisis. BoE in discussion over Credit Suisse’s worsening situation. Global bond yields drop amid risk aversion; boost to Japanese yen. (FXStreet)

NZD/USD struggles to overcome intraday losses despite recent pick up in Kiwi price. New Zealand Q4 GDP came softer-than-expected raises fears of NZ credit rating cut. Hardships for key banks in US, Europe tease return of 2008 financial crisis and weigh on riskier assets like Antipodeans. Goldman Sachs’ economic outlook, China’s threat to European shares entertain traders amid sluggish session. (FXStreet)

USD/CHF prints mild losses to consolidate the biggest daily gains since 2015 amid mixed sentiment. Credit Suisse eyes SNB loan to overcome liquidity crisis. Global policymakers rush to placate financial market fears after US, European banks tease pessimists. Second-tier Swiss, US data may entertain traders but bond market moves are the key to clear directions. (FXStreet)

USD/TRY grinds higher around intraday top amid sluggish markets. Financial market fears from Credit Suisse, SVB join floods, earthquakes and looming general elections in Turkiye to lure bulls. Second-tier US data, bond market moves are key for clear directions. (FXStreet)

EUR/CHF is demonstrating a back-and-forth action around 0.9860 ahead of ECB policy. A Double Bottom pattern has activated after a breakout of critical resistance placed at 0.9834. The RSI (14) is oscillating in the bullish range of 60.00-80.00, which indicates more upside ahead. (FXStreet)

USD/INR has slipped to near 82.68 as USD Index has extended its correction. Investors are anticipating a less-hawkish monetary policy stance from the Fed after scrutiny of February’s US economic data. Oil price is struggling to extend its recovery above $68.00 as fears of a banking sector meltdown would result in lower advances. (FXStreet)

USD/MXN struggles for clear directions after posting one more failure to cross 100-DMA, 5.5-month-old resistance line. Bullish MACD signals, sustained trading beyond two-month-long horizontal support keep buyers hopeful. Descending resistance line from July 2022, 200-DMA act as additional upside filters to prod the Mexican Peso pair buyers. (FXStreet)

WTI hits December 2022 lows around $66 amid Credit Suisse crisis, causing a shift in global financial conditions. Investors fading optimism for 2023 growth outlook drives Oil prices lower. IEA reports a drop in Russian Oil exports and an increased global oil stockpile. (FXStreet)

Gold price struggles to extend previous day’s run-up six-week high, mildly offered as of late. Key resistance confluence, receding fears of full-fledged financial market crisis probe XAU/USD bulls. Credit Suisse joins the league of SVB, Signature Bank to previously propel Gold price. Second-tier data, bond market moves eyed for clear directions. (FXStreet)

Silver price takes offers to refresh intraday low, extends late Wednesday’s pullback from five-week high. Multiple key Exponential Moving Averages (EMAs) challenge XAG/USD bulls even as MACD signals favor upside. 6.5-month-old ascending trend line appears the key support to watch. (FXStreet)

Source: FXStreet, DailyFX

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