Market Updates

Market Update - 24 March 2023

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Publish date: Fri, 24 Mar 2023, 05:37 PM
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Market Updates

After having reached its highest level since early February above 1.0900 on Thursday, EUR/USD reversed its direction and ended up closing the day in the red below 1.0850. The pair stays relatively quiet at around 1.0830 early Friday. The PMI surveys from the Euro area are expected to point to a modest expansion in the private sector's business activity in early March. (FXStreet)

USD/CAD oscillates in a narrow trading band and is influenced by a combination of forces. An uptick in Oil prices underpins the Loonie and caps the upside amid subdued USD demand. Traders look forward to important macro data from the US and Canada for a fresh impetus. (FXStreet)

NZD/USD comes under renewed selling pressure on Friday amid the ongoing USD recovery. A fresh leg down in the equity markets benefits the buck and weighs on the risk-sensitive Kiwi. The Fed’s less hawkish stance, sliding US bond yields could cap any further gains for the USD. (FXStreet)

USD/JPY remains under heavy selling pressure for the third straight day on Friday. Expectations for a hawkish shift by the BoJ boost the JPY and drag the pair lower. Some follow-through USD buying could lend support and help limit further losses. (FXStreet)

GBP/USD fluctuates below 1.2300 in the European morning. The UK's Office for National Statistics reported on Friday that Retail Sales in February rose by 1.2%, compared to the market expectation for an increase of 0.2%, but failed to provide a boost to Pound Sterling. On Thursday, the Bank of England (BOE) announced that it raised its policy rate by 25 basis points to 4.25%. (FXStreet)

AUD/USD ignores the previous day’s bearish candlestick to pare weekly losses. Repeated failures to cross 200-DMA, steady RSI tease sellers. Previous resistance line from early February acts as the last defense of Aussie pair buyers. (FXStreet)

25bps Hike Delivered by the BoE. Policymakers Warned that if There Were Evidence of More Persistent Price Pressures, Further Tightening Would be Required. 2 MPC Members Voted to Keep Rates Unchanged. (DailyFX)

USD/CHF takes offers to reverse early-day rebound, fades bounce off eight-day low. SNB stays ready for more rate hikes after 0.50% lift, as expected. Fed bets struggle to regain hawkish bias amid banking sector debacle. US statistics may offer an active day ahead, yields eyed too. (FXStreet)

USD/INR is oscillating in a 10-pip range as investors await US Durable Goods Orders and preliminary PMI data. Lack of follow-up buying in the S&P500 futures after a confident recovery move has stemmed clouds of uncertainty. The Indian government has started assessing the performance of state-run lenders and PSUs after the global banking debacle. (FXStreet)

SD/MXN retreats from intraday high, braces for the first weekly loss in three. Mixed US, Mexican data challenge traders but downbeat yields keep bears hopeful. Banking crisis, Fed bets tease buyers amid sluggish session. Busy calendar can entertain momentum traders during the one last shot of a volatile week. (FXStreet)

The S&P 500 sank 1.6% in the aftermath of the Fed rate decision. Chair Jerome Powell tried pouring cold water on rate cut bets. Meanwhile, Janet Yellen testimony compounded risk aversion. Asia-Pacific markets appear to be bracing for volatility next. (DailyFX)

Gold price bulls come alive and push XAU/USD back above the $2,000 mark. US Dollar and Treasury yields fall to a new low, supporting Gold’s comeback. Central banks to increase their Gold reserves due to geopolitical concerns, says report. (FXStreet)

Silver consolidates the previous day’s strong move up to its highest level since February. The technical setup favours bullish traders and supports prospects for additional gains. Any pullback below the 61.8% Fibo. is likely to attract fresh buyers and remain limited. (FXStreet)

The index alternates gains with losses around 102.60. Decent support emerges around the 102.00 mark so far. Durable Goods Orders, Flash PMIs next on tap later in the day. The greenback, when tracked by the USD Index (DXY), trades in a flattish fashion around 102.60 at the end of the week. (FXStreet)

Natural Gas snaps two-day downtrend but struggles to extend corrective bounce. Convergence of 21-EMA, three-week-old descending resistance line prods buyers. Multiple supports from late February restrict immediate downside. Sluggish oscillators suggest a continuation of downward grind. (FXStreet)

Bitcoin gained nearly 4% on Thursday and erased all of Wednesday's gains. BTC/USD was last seen moving sideways near $28,300. Ethereum rose 4.5% on Thursday and reclaimed $1,800 before stabilizing slightly above that level early Friday. (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.

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