Market Updates

Market Update - 04 April 2023

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Publish date: Tue, 04 Apr 2023, 05:41 PM
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Market Updates

USD/JPY is challenging 133.00 again amid rebounding US Treasury bond yields. European stocks advance while US S&P 500 futures turn positive. Bearish 50DMA support is in sight amid the pullback from multi-week highs. (FXStreet)

EUR/USD adds to Monday’s gains past the 1.0900 level. The greenback extends the bearish note seen on Monday. ECB Survey, EMU Producer Prices next on tap in the calendar. (FXStreet)

GBP/USD picks up bids to pare intraday losses inside one-week-old bullish channel. Tops marked on Friday, Monday challenge Cable bulls ahead of the key 1.2445-50 resistance area. RSI conditions suggest that the buyers are running out of steam. Sellers need to defy bullish chart formation to retake control. (FXStreet)

The index briefly pierces the 102.00 support early on Tuesday. US yields attempt a tepid rebound amidst the prevailing downtrend. Factory Orders, JOLTs Job Openings next on tap in the docket. The USD Index (DXY), which gauges the greenback vs. a bundle of its main rivals, alternates gains with losses around the 102.00 neighbourhood on turnaround Tuesday. (FXStreet)

USD/CAD picks up bids to pare intraday losses at 1.5-month low, prods six-day downtrend. US Dollar pares recent fall as mixed concerns about inflation, geopolitics weigh on sentiment amid sluggish session. Headlines from Russia, China challenge previous risk-on mood even as Fed bets ease. Canada Building Permits, US Factory Orders eyed for fresh impulse. (FXStreet)

AUD/USD takes offers to refresh intraday low, reverses the biggest daily gain since January. Sour sentiment, light calendar and RBA’s pause to rate hike trajectory favor Aussie pair sellers. US-China, Russia-Europe headlines can join US Factory Orders to entertain AUD/USD traders. RBA’s Lowe, US Treasury bond yields will be crucial for clear directions. (FXStreet)

USD/MXN picks up bids to extend the previous day’s recovery from three-week low. Upbeat oscillators, sustained break of 100-HMA and one-week-old descending trend line favor Mexican Peso sellers. Three-day-old horizontal resistance challenges USD/MXN bulls ahead of 200-HMA. (FXStreet)

NZD/USD is looking to keep its auction above 0.6300 amid the risk-on mood. A sudden jump in the odds of one more rate hike by the Federal Reserve has supported the USD Index in extending its recovery. The Reserve Bank of New Zealand is expected to extend rates further to 5% despite a bleak economic outlook. NZD/USD is gathering strength to deliver a breakout of the Flat Channel. (FXStreet)

USD/CHF pares the previous day’s losses at three-week low. Convergence of one-week-old and two-month-long ascending trend lines puts a floor under Swiss Franc pair. Sluggish oscillators, strong resistances challenge pair buyers unless the quote stays below 200-SMA. (FXStreet)

AUD/JPY has slipped sharply below 89.70 as RBA has kept a neutral stance on interest rates. Quick softening of Australia’s monthly PCI to 6.8% must have allowed the RBA to keep rates unchanged at 3.6%. A positive contribution to Japan’s inflation through international forces would only create troubles for BoJ policymakers. (FXStreet)

AUD/NZD slump pips as RBA announces no rate increase after lifting the rates in the last 10 consecutive times. NZIER criticizes RBNZ’s rate hike, suggesting likely signals of policy pivot and AUD/NZD rebound in future. RBNZ is expected to announce 0.25% rate hike on Wednesday. Lowe’s comments on RBA’s future path, RBNZ announcements will be crucial for clear directions. (FXStreet)

USD/INR picks up bids to reverse Monday’s pullback from one-week high. Firmer Oil price, US Dollar’s consolidation weighs on Rupee amid India holiday. US Factory Orders may entertain intraday traders ahead of Wednesday’s RBI Interest Rate decision. Friday’s US NFP appears crucial amid receding hawkish Fed bets. (FXStreet)

Prices of the WTI leapt past the $81.00 mark per barrel on Monday in response to the decision by the OPEC+ to reduce the oil output. The strong bounce was on the back of increasing open interest and volume and leaves the door open to further upside in the very near term. Against that, the next target on the upside now emerges at the 2023 high at $82.60 (January 23). (FXStreet)

Prices of the natural gas started the new trading week within the broad consolidative phase in place since mid-March. Monday’s price action was on the back of increasing open interest and volume and exposes further range bound for the time being. On the downside, the next support remains in the sub-$2.00 mark per MMBtu (February 22). (FXStreet)

Gold price retreats from intraday high to consolidate week-start gains. Mixed concerns about inflation, Fed challenge XAU/USD buyers amid light calendar. Geopolitical fears emanating from China, Russia also prod Gold buyers. US Factory Orders may entertain traders, yields eyed ahead of busy calendar. (FXStreet)

Silver price pares the second consecutive daily losses around the highest levels in two months. Descending resistance line from Friday, bearish MACD signals lure sellers. Two-week-long ascending trend line, key EMAs put a floor under the XAG/USD price. (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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