Market Updates

Market Update - 12 July 2023

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Publish date: Wed, 12 Jul 2023, 05:49 PM
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Market Updates


The EUR/USD pair has confidently shifted above the psychological resistance of 1.1000 in the Asian session. The major currency pair is in a bullish trajectory as the US Dollar Index (DXY) has extended its losses to 101.37 ahead of the United States Consumer Price Index (DXY). (FXStreet)

The GBP/USD pair climbs above the psychological 1.2950 round mark and holds above that level in the early Asian session this Wednesday. The pair flirts with 15-month highs,  underpinned by broad US dollar weakness and the possibility of further rate hikes by the Bank of England (BoE). (FXStreet)

The USD/JPY pair extends its recent sharp pullback from the YTD peak - levels just above the 145.00 psychological mark - and continues drifting lower for the fifth successive day on Wednesday. The downward trajectory drags spot prices to the 139.30 level, or a nearly one-month low during the early European session, though pauses near the 38.2% Fibonacci retracement level of the March-June rally. (FXStreet)

The AUD/USD pair retreats over 50 pips from a nearly three-week high touched this Wednesday and slides back below the 0.6700 round-figure mark during the early European session. (FXStreet)

The NZD/USD pair has resumed its upside journey after a marginal correction to near 0.6212 in the early London session. The Kiwi asset has remained in the upside trajectory after the Reserve Bank of New Zealand (RBNZ) kept interest rates unchanged at 5.5%. (FXStreet)

The USD/CAD pair has found support near the round-level cushion of 1.3200 in the European session. The Loonie asset has rebounded following the recovery action in the US Dollar Index (DXY). The USD Index has attempted recovery after building a base around 101.35. (FXStreet)

The GBP/JPY pair has stretched its south-side run to near the critical support of 180.50 in the London session. The cross has faced immense selling pressure as investors are hoping a tweak in the Yield Curve Control (YCC) by the Bank of Japan (BoJ) in its monetary policy on July 28. (FXStreet)

The EUR/GBP pair has rebounded after building a base marginally above the round-level support of 0.8500 in the European session. For fetching immense strength in the recovery move, the cross is yet to pass plenty of filters. (FXStreet)

WTI prices rose markedly to the boundaries of the $75.00 mark per barrel on Tuesday amidst rising open interest and volume. That said, the door now appears open to the continuation of the ongoing rebound to, initially, the key 200-day SMA just above the $77.00 yardstick. (FXStreet)

Prices of natural gas maintained the optimism and climbed to multi-session highs past the $2.70 zone on Tuesday. The move, however, was on the back of shrinking open interest, which should remove some strength from the weekly rebound. In the meantime, the $2.50 region per MMBtu continues to hold the downside for the time being. (FXStreet)

Gold price (XAU/USD) has printed a fresh three-week high at $1,941.60 in the early European session. The precious metal is gathering strength to deliver a confident break above $1,940.00 as the US Dollar Index (DXY) is under extreme pressure due to expectations of further deceleration in the United States Consumer Price Index (CPI) data. (FXStreet)

Silver attracts some dip-buying during the Asian session on Wednesday and stalls the overnight rejection slide from the vicinity of the 100-day Simple Moving Average (SMA). The white metal currently trades around the $23.25 region, up nearly 0.50% for the day, and remains well within the striking distance of a three-week high touched on Tuesday. (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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