Market Updates

Market Update - 28 March 2023

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Publish date: Tue, 28 Mar 2023, 05:50 PM
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Market Updates

USD/CAD attracts some buyers near the 1.3630 region on Tuesday amid a modest USD rebound. A fresh leg up in the US bond yields turns out to be a key factor lending support to the Greenback. Bullish Crude Oil prices could underpin the Loonie and keep a lid on any further gains for the pair. (FXStreet)

USD/JPY meets with a fresh supply on Tuesday amid a modest USD weakness. The risk-on mood undermines the safe-haven JPY and helps limit the downside. The fundamental backdrop warrants some caution for aggressive bullish traders. (FXStreet)

EUR/USD adds to the positive start of the week above 1.0800. The broad-based upbeat tone in the risk complex underpins the pair. US Consumer Confidence will be in the limelight later in the session. The optimism around the European currency remains well and sound and motivates EUR/USD to advance to 2-day highs around 1.0830 on turnaround Tuesday. (FXStreet)

USD/CHF regains positive traction on Tuesday and reverses a major part of the overnight losses. A generally positive risk tone undermines the safe-haven CHF and lends support to the major. The Fed’s less hawkish outlook keeps the USD bulls on the defensive and might cap the upside. (FXStreet)

GBP/USD renews intraday high as bulls keep the reins for the second consecutive day. Hawkish comments from BoE Governor Bailey joins Brexit optimism to propel the British Pound. Receding fears of banking fallouts, mixed Fed talks and downbeat yields weigh on the US Dollar. (FXStreet)

The index adds to the pessimism seen at the beginning of the week. US yields give away part of the advance recorded on Monday. Consumer Confidence, housing data, trade balance next on tap. The USD Index (DXY), which tracks the greenback vs. a bundle of its main rival currencies, drops to 2-day lows and revisits the 102.60/55 band on Tuesday. (FXStreet)

EUR/GBP is looking vulnerable above 0.8770 amid BoE Bailey’s hawkish guidance. The European Banking Authority cited that rising interest rates by the ECB are weighing on financial markets. A confident breakdown of the H&S pattern will result in downside momentum. (FXStreet)

AUD/USD grinds higher around intraday top, braces for the biggest daily gains in over a week. Upbeat MACD signals keeps buyers hopeful but 200-EMA holds the gate for bear’s exit. Aussie pair sellers remain off the table beyond 0.6650. (FXStreet)

AUD/JPY finds support as global banking liquidity crisis eases. Fading Japanese Yen safe-haven demand provides relief to AUD/JPY. RSI signals oversold conditions, suggesting a potential pullback. (FXStreet)

USD/CNH picks up bids to reverse early-day losses, grinds higher after two-day uptrend. Fears of shrink in China’s banking sector, downbeat data weigh on offshore Chinese Yuan. Market sentiment remains firmer amid easing fears of bank fallouts elsewhere. US CB Consumer Confidence eyed ahead of key China PMI, US inflation clues. (FXStreet)

NZD/USD is marching towards 0.6250 aid rising bearish bets for the USD Index. The street is anticipating that tight credit conditions by US banks are sufficient to soften inflation ahead. Dismal economic prospects of New Zealand after the flood situation have raised concerns over the growth rate. (FXStreet)

USD/INR consolidation continues; struggles to break key resistance at 83.00 level. Indian Rupee lacks momentum despite strong economic fundamentals. Higher lows indicate a potential breakout for USD/INR. (FXStreet)

WTI crude oil grinds near two-week high after rising the most since May 2022 the previous day. Clear break of 10-DMA, three-week-old descending trend line keeps buyers hopeful. 21-DMA, previous resistance line from December 2022 challenge upside momentum. Bullish MACD signals keep Oil buyers hopeful; one-week-old ascending trend line adds to the downside filters. (FXStreet)

Prices of the natural gas started the week on the back foot amidst increasing open interest and volume. Against that, the door remains open for further retracement to, initially, the $2.00 mark per MMBtu just ahead of the 2023 low at $1.967 (February 22). (FXStreet)

Gold price settles around $1,950 after extending retracement on Monday. Bright metal volatility is here to stay in the short term. Balance between inflation, growth and financial stress will shape Gold market. (FXStreet)

Silver price remains pressured for the second consecutive day, pressured intraday low of late. Eight-day-old bullish channel, 100-HMA challenge XAG/USD bears amid steady RSI. 200-SMA adds to the downside filters; two-week-old horizontal support is the key. (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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