Market Updates

Market Update - 11 July 2023

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Publish date: Tue, 11 Jul 2023, 05:43 PM
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Market Updates


The EUR/USD pair is maintaining an auction comfortably above the psychological resistance of 1.1000 in the Asian session. The major currency pair has got immense strength as the US Dollar Index (DXY) has continued its three-day losing spell. (FXStreet)

USD/JPY remains on the back foot for the fourth consecutive day as sellers attack May’s peak below 141.00, down 0.50% intraday near 140.60 heading into Tuesday’s European session. (FXStreet)

GBP/USD moves to within touching distance of the 1.3000 level for the first time since April of last year. Economists at MUFG Bank analyze the pair’s outlook. (FXStreet)

The USD/CHF pair has delivered a perpendicular fall to near 0.8840 in the early European session. The Swiss Franc asset is expected to deliver further breakdown as the market mood is quite upbeat and the appeal for the US Dollar Index (DXY) is extremely weak. (FXStreet)

The AUD/USD pair continues with its struggle to make it through the very important 200-day Simple Moving Average (SMA) and attracts some intraday selling in the vicinity of the 0.6700 mark on Tuesday. Spot prices retreat to the lower end of the daily range, around the 0.6680-0.6675 region, though lack follow-through and remain well within a familiar trading band held over the past week or so. (FXStreet)

The USD/CAD pair comes under some renewed selling pressure on Tuesday and drops to a four-day low, around the 1.3245 region during the early European session. Spot prices, however, manage to recover a major part of the intraday losses and currently trade near the 1.3275-1.3280 region, nearly unchanged for the day. (FXStreet)

The NZD/USD pair has displayed a steep fall after failing to extend upside above the critical resistance of 0.6220 in the London session. The Kiwi asset has sharply dropped below the round-level support of 0.6200 as investors have turned cautious ahead of the interest rate decision by the Reserve Bank of New Zealand (RBNZ). (FXStreet)

The GBP/JPY pair has sensed selling pressure while attempting to hit the immediate resistance of 182.00 in the early London session. The cross has faced a sell-off as the United Kingdom labor market data has missed expectations. (FXStreet)

EUR/GBP reverses from intraday high, refreshing the daily low near 0.8550 as a slew of UK/EU data released early Tuesday. (FXStreet)

EUR/JPY remains on the back foot for the sixth consecutive day as it flashes the 154.93 figure heading into Tuesday’s European session. In doing so, the cross-currency pair declines to the lowest levels in three weeks. (FXStreet)

NZD/USD pares intraday gains around 0.6215-10 as it reverses from the highest levels in three weeks heading into Tuesday’s European session. In doing so, the Kiwi pair struggles to defend the three-day uptrend amid the market’s cautious mood ahead of Wednesday’s Reserve Bank of New Zealand (RBNZ) Interest Rate Decision and the US inflation data for June per the Consumer Price Index (CPI) indicator. (FXStreet)

USD/INR drops for the third consecutive day as it renews intraday low near 82.40 amid early Tuesday in Europe. In doing so, the Indian Rupee (INR) pair pokes a one-week-old rising support line while extending the previous week’s retreat after failing to cross the 82.80 upside hurdle. (FXStreet)

The USD/CHF pair remains under some selling pressure for the fourth straight day on Tuesday and slides to over a two-month low, around the 0.8845 region during the Asian session. (FXStreet)

WTI crude oil price remains on the front foot as it renews its intraday high near $73.40 while reversing the previous day’s pullback from a multi-day high early Tuesday. In doing so, the black gold bounces off a seven-week-old previous resistance line to poke the 100-DMA hurdle. (FXStreet)

Natural Gas Price (XNG/USD) retreats from intraday high as bulls and bears jostle around $2.65 during early Tuesday. In doing so, the energy instrument struggles to extend the week-start recovery from the lowest levels in three weeks amid a lack of fresh directives and a cautious mood ahead of Wednesday’s key US inflation data. (FXStreet)

Gold price (XAU/USD) has resumed its upside journey after a marginal correction to near $1,930.00 in the London session. The precious metal has found support as the US Dollar Index (DXY) is under extreme pressure ahead of Wednesday’s Consumer Price Index (CPI) data, which will be published at 12:30 GMT. (FXStreet)

Silver regains positive traction following the previous day's good two-way price swings and jumps to a three-week high during the early part of the European session on Tuesday. The white metal, however, struggles to find acceptance or build on the move beyond the $23.35-$23.40 confluence - comprising the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 50% Fibonacci retracement level of the downfall from the June swing high. (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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