Market Updates

Market Update - 07 April 2023

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Publish date: Fri, 07 Apr 2023, 05:51 PM
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Market Updates

EUR/USD pares weekly gains during three-week uptrend on Good Friday holiday. United States statistics weigh on Federal Reserve bets and favor the Euro buyers. Recession fears, geopolitical headlines prod EUR/USD buyers ahead of the key US Nonfarm Payrolls. (FXStreet)

GBP/USD snaps two-day losing streak with minor gains. Comparatively more hawkish hopes from BoE than Fed contrast with Brexit doubts to prod Cable buyers. US employment numbers are likely to allow GBP/USD to remain firmer for the fourth consecutive week. (FXStreet)

USD/JPY clings to mild losses amid inactive markets, mixed concerns at home. BoJ held record JGB’s in March to tame hawkish concerns as Kuroda bids adieu. Japan’s real wages remain downbeat despite recent improvements, household spending also drop. Fears of BoJ’s exit from ultra-easy monetary policy, downbeat US data and yields keep bears hopeful ahead of key catalysts. (FXStreet)

USD/CHF fades the previous day’s corrective bounce off 22-month low. Downbeat US data, mixed concerns about US recession and Fed weigh on the Swiss Franc pair. US NFP can propel markets amid Good Friday-induced inaction, firmer readings can renew US Dollar strength. (FXStreet)

USD/CAD struggles for clear directions amid Good Friday holiday, pauses three-day uptrend. Strong Canada jobs report contrast with downbeat US data to challenge Loonie pair buyers. WTI crude oil price grinds higher and challenge the USD/CAD bulls. Recession woes, BoC’s dovish bias keeps Loonie buyers hopeful ahead of US Employment report for March. (FXStreet)

US Dollar Index remains inactive amid Good Friday holiday, pares weekly losses of late. Downbeat US data, dovish Fed bets keep DXY sellers hopeful ahead of the key employment report. Recession woes put a floor under the prices as Fed’s preferred economic indicator signals slowdown. (FXStreet)

AUD/USD picks up bids to refresh intraday high, snaps three-day losing streak. Clear break of one-month-old ascending trend channel, bearish moving average crossover keeps sellers hopeful. US NFP may bolster recession woes and weigh on prices on matching downbeat forecasts. (FXStreet)

USD/MXN remains sidelined after snapping three-day uptrend the previous day. Convergence of 200-HMA, three-week-old previous resistance line puts a floor under Mexican Peso pair’s price. Hesitance in extending trend line break, looming bull cross on MACD lures buyers; recovery remains elusive below 18.40. (FXStreet)

USD/INR stays well-set for three-week losing streak, down for the fourth consecutive day. Indian Rupee buyers take a breather at 11-week-old ascending trend line. Clear break of upward-sloping previous support line from September 2022, bearish MACD signal favor USD/INR sellers. Convergence of Five-month-old support line, 200-DMA appears a tough nut to crack for pair bears. (FXStreet)

NZD/USD appears well-set for weekly loss after falling the most in a month the previous day. Sour sentiment allowed Kiwi traders to reverse RBNZ-led rally. US data flags recession fears and weigh on commodities, Antipodeans. NFP will be crucial, more volatility eyed amid thin market presence. (FXStreet)

Gold price remains on the way to snapping two-week downtrend despite recent fall. XAU/USD prints the biggest daily loss in two weeks amid recession woes, cautious mood ahead of United States Nonfarm Payrolls. US Dollar weakness keeps Gold buyers hopeful but it all depends upon NFP amid recently disappointments from US data. XAU/USD can seesaw on US employment statistics amid lack of liquidity due to Good Friday. (FXStreet)

Silver price (XAG/USD) seesaws around $25.00 in the last few days after retreating from the one-year high on Wednesday, making rounds to $24.95 during Good Friday’s inactive Asian session. Even so, the bright metal stays well-set for a consecutive fourth weekly gain while tracing the upbeat options market signals. (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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