Market Updates

Market Update - 18 July 2023

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Publish date: Tue, 18 Jul 2023, 05:42 PM
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Market Updates

The index adds to Monday’s losses near 99.70. US yields keep the directionless mood on Tuesday. Retail Sales, Industrial Production next on tap. The USD Index (DXY), which tracks the greenback vs. a bundle of its rival currencies, trades with modest losses in the 99.80/70 band ahead of the opening bell in Euroland on turnaround Tuesday. (FXStreet)

EUR/JPY fades bounce off intraday low after reversing from one-week high the previous day. Bearish candlestick formation, failure to cross 21-DMA keep sellers hopeful. Three-week-old horizontal area acts as extra filter towards the north. Ascending trend line from early April appears the key support to watch during fresh downside. (FXStreet)

USD/CAD loses the momentum near 1.3180 in the Asian session. The US Dollar remains under pressure amid a less hawkish stance from the Federal Reserve (Fed). Crude oil reverses the pullback on Monday, boosts the commodity-linked Loonie. (FXStreet)

EUR/USD climbs to a fresh YTD top and draws support from renewed USD selling bias. Bets that the Fed will soon end its rate-hiking cycle continues to weigh on the Greenback. Expectations for more rate hikes by the ECB underpin the Euro and also act as a tailwind. (FXStreet)

USD/JPY grinds near intraday low, remains pressured for the second consecutive day after bouncing off two-month low. Traders from Tokyo fail to propel momentum despite returning from long weekend. Sluggish markets, mixed concerns about BoJ versus Fed divergence keep Yen prices dicey. Cautious mood, US Dollar’s retreats lure sellers ahead of US data. (FXStreet)

GBP/JPY remains indecisive within the key trading range, fades previous week’s recovery. Convergence of 100-SMA, one-month-old horizontal region guards immediate upside. Nine-week-old rising support line, 200-SMA prods bears; monthly low acts as additional downside filter. Oscillators suggest further grinding toward the south but sellers seem cautious of late. (FXStreet)

AUD/USD is consistently trading sideways above 0.6800 as investors await US Retail Sales data. The Aussie asset has failed to find action despite RBA minutes conveying that further interest rate hikes are required. S&P500 futures have posted nominal losses in Asia, portraying caution among market participants. (FXStreet)

USD/INR remains confined in a narrow trading band around the 82.00 mark on Tuesday. Acceptance below the 200-day SMA supports prospects for some meaningful decline. Some follow-through selling below the monthly low will reaffirm the negative outlook. (FXStreet)

USD/TRY prints three-day uptrend around the all-time peak, grinds higher of late. Turkish President Erdogan visits Saudi Arabia, signs deals of defense, energy, etc., UK also braces for trade deal with Ankara. CBRT braces for another heavy rate hike to tame inflation woes after the previous disappointment. US Retail Sales, Industrial Production will guide intraday moves. (FXStreet)

WTI crude oil price grinds near intraday high during the first profit-making day in three. Bullish MACD signals favor commodity’s bounce off 10-DMA but three-week-old previous support line prods energy buyers. 100-DMA acts as additional downside support while 200-DMA appears a tough nut to crack for WTI bulls. (FXStreet)

Natural Gas snaps four-day losing streak, bounces off the lowest level in a month. IEA warns of European gas crisis this winter if Russia halts supplies. End of maintenance at multiple Norwegian natural gas rigs propel XNG/USD output. Downbeat US Dollar, cautious optimism about Sino-US ties also underpin Natural Gas recovery. (FXStreet)

Gold price attracts some buying on Tuesday, albeit lacks bullish conviction. A modest US Dollar weakenss is seen lending support to the precious metal. The uncertainty over the Fed's rate hike path caps gains for the XAU/USD. (FXStreet)

Silver touches a fresh two-month peak on Tuesday, albeit lacks any follow-through. The technical setup favours bullish traders and supports prospects for further gains. Any meaningful corrective slide is more likely to get bought into and remain limited. (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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