Market Update - 19 June 2023

EUR/USD extends the corrective decline to the 1.0900 area. A move to the 1.1000 hurdle remains on the cards. EUR/USD corrects lower and challenges the 1.0900 region on Monday. (FXStreet)

USD/JPY trades stable in the 141.80 area after hitting its highest point since November 2022. US Stock and bond markets are closed on Juneteenth celebrations. Eyes on economic data from the US, Chair Powell's testimony on Wednesday. (FXStreet)

GBP/USD is slightly down as the Bank of England’s potential rate hike looms amidst easing inflation signals. A hawkish BoE stance could push GBP/USD towards 1.3000 if accompanied by increased inflation and rate hike. US Dollar Index strengthens; June Housing Market Index outperforms expectations, rising from 50 to 55. (FXStreet)

AUD/USD has shown a downside move to near 0.6840 amid a quiet market mood due to an extended weekend in the US. The appeal for the Australian Dollar has been trimmed ahead of RBA policy minutes and PBoC policy. AUD/USD is climbing higher in a Rising Channel pattern formed in which each pullback is considered as a buying opportunity. (FXStreet)

EUR/JPY comes under some pressure following new highs. A sustained advance targets the 156.80 region in the near term. EUR/JPY surrenders some gains and returns to the 155.00 region after advancing to new multi-year higher near 155.30 earlier on Monday’s session. (FXStreet)

USD/MXN stays strong despite a slight retreat; lower European equities dampen market sentiment. Fed Chair Powell’s upcoming Congress testimony draws focus; chances for a July rate hike by the Fed are estimated at 73.2%. Bank of Mexico is likely to keep rates unchanged; inflation trends are set to influence future rate decisions. (FXStreet)

Prices of WTI extended further their weekly recovery on Friday. The move, however, was accompanied by declining open interest and volume and open the door to a potential near-term correction. In the meantime, the $72.00 region per barrel emerges as an initial resistance zone. (FXStreet)

Natural Gas continues rising after one of the most positive weeks in 2023, in which it witnessed a 17% rally. Gas price rises on the back of lingering concerns regarding European supply adequately meeting demand after outages in Norway, the continent’s main producer.  Despite bullish fundamentals, the longer-term technical trend remains down as long as prices stay below $3.079 MMBtu. (FXStreet)

Gold price has dropped to near $1,950.00 citing recovery signs in the USD Index. Investors are turning cautious ahead of US State of Secretary Antony Blinken meeting China’s President XI Jinping. Gold price has sensed selling pressure from the downward-sloping trendline of the Descending Triangle chart pattern. (FXStreet)

Silver is down by more than 1%, struggling to stay above the confluence of 50 and 20-day EMAs at $23.86/92. Failure to breach the April 29 swing low leads to increased selling pressure; YTD resistance at $24.20/30 adds to downward pressure. Bearish RSI signal and weakening buying pressure suggest XAG/USD’s path of least resistance is downwards. (FXStreet)

Source: FXStreet

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