Market Updates

Market Update - 07 July 2023

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Publish date: Fri, 07 Jul 2023, 05:14 PM
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Market Updates

EUR/USD registered modest gains on Thursday but failed to stabilize above 1.0900. Early Friday, the pair moves sideways slightly below that level. Earlier in the session, the data from Germany showed that Industrial Production contracted 0.2% in May. In an interview with La Provence on Friday, Lagarde reiterated that they still have work to do to bring inflation back down to their target but this comment was largely ignored by market participants. (FXStreet)

GBP/USD climbed toward 1.2800 on Thursday but erased a portion of its daily gains after the US data. Nevertheless, the pair registered its highest daily close in 10 days and was last seen holding steady at around 1.2750. (FXStreet)

NZD/USD attracts fresh buying on Friday and snaps a two-day losing streak. A combination of factors underpins the USD and might cap gains for the pair. The symmetrical triangle formation also warrants caution for bullish traders. The market focus remains glued to the release of the US monthly jobs report. (FXStreet)

USD/JPY drifts lower for the second straight day and hits a nearly two-week low on Friday. Intervention fears, along with the risk-off mood, boost the JPY and exerts heavy pressure. The Fed-BoJ policy divergence could help limit further losses ahead of the US NFP report. (FXStreet)

USD/CAD has refreshed its three-week high at 1.3375 despite multiple headwinds. The USD Index is expected to remain volatile ahead of the release of the US NFP data. Oil prices have printed a fresh two-week high at $72.35 despite global central banks preparing for a fresh rate hike cycle. (FXStreet)

AUD/USD attracts some buyers on Friday and draws support from a softer USD. Bets for additional Fed rate hikes act as a tailwind for the buck and cap gains. The risk-off mood contributes to keeping a lid on the pair ahead of the US NFP. (FXStreet)

USD/CHF regains some positive traction and reverses a part of the previous day's slide. Bets for additional Fed rate hikes act as a tailwind for the USD and lend some support. A softer risk tone underpins the CHF and caps the upside ahead of the US NFP report. (FXStreet)

GBP/JPY remains under some selling pressure for the second successive day on Friday. The risk-off mood, along with intervention fears, benefit the JPY and weigh on the cross. The divergent BoE-BoJ policy outlook favours bullish traders and should help limit losses. (FXStreet)

USD/TRY is oscillating around 26.00 as the focus shifts to US NFP data. US equities were heavily sold after the resilient US ADP Employment report drummed up more interest rate hikes from the Fed. Turkiye inflation decelerated marginally in June. (FXStreet)

EUR/JPY prints four-day losing streak, braces for the first weekly loss in four. German Industrial Production for May disappoints, Japan wage numbers came in firmer. Fears of BoJ, Japan government intervention to defend Yen soar of late, firmer yields fail to propel EUR/JPY. More comments from ECB’s Lagarde, yields and risk catalysts eyed for clear directions. (FXStreet)

USD/INR clings to mild daily losses, the first in four, while paring weekly gains. US Dollar’s retreat amid sluggish session, positioning for US NFP and China news weigh on Indian Rupee pair of late. Risk-off mood, hawkish Fed concerns allow USD/INR to remain firmer. (FXStreet)

USD/MXN takes offers to refresh intraday low, consolidates biggest daily gain in four months. Risk-aversion, hawkish Fed bets underpin US Dollar strength despite latest pullback amid pre-NFP anxiety. Mexican Peso’s repeated bounces off 17.00 tease countertrend traders amid upbeat fundamentals. Mexico inflation data, US employment report for June eyed for fresh impulse. (FXStreet)

The index exchanges gains with losses around 103.00. US yields trade in a cautious note ahead of key data. US Nonfarm Payrolls, Unemployment Rate take centre stage. The USD Index (DXY), which tracks the greenback vs. a bundle of its main competitors, navigates without clear direction around the 103.00 neighbourhood at the end of the week. (FXStreet)

Gold prices continued their recovery in the Asian session following another day probing the key $1900/0z psychological level. Yesterdays red hot data out of the US facilitated the push toward the $1900 but failing to find acceptance below once more. (DailyFX)

Silver price is oscillating around $22.70 as investors await US NFP for further guidance. The USD Index has surrendered its entire gains generated after the release of the upbeat US ADP Employment report. Silver price is struggling to show a meaningful recovery despite finding strength near the lower portion of the Rising Channel pattern. (FXStreet)

Bitcoin closed in the red for the third straight day on Thursday before stabilizing above $30,000 early Friday. Ethereum lost more than 3% on Thursday and was last seen consolidating its losses at around $1,850. (FXStreet)

Source: FXStreet

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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