Market Update - 30 Aug 2023

AUD/USD trades lower on disappointing Australia’s inflation. Australian CPI declined to a 17-month low; investors expect no interest rate hike by the RBA. US Dollar (USD) weakened due to dovish sentiment surrounding the Fed policy decision. (FXStreet)

GBP/USD trades lower due to the improvement in US bond yields. US Dollar (USD) treads water to recover two-day losses. Investors await US economic data, seeking further clues on the Fed’s policy decision. (FXStreet)

The index bounces off recent lows and regains 103.70. US yields attempt a mild rebound across the curve. Flash Q2 GDP Growth Rate, ADP report take centre stage. The greenback manages to regain the smile and advances to the 103.70 region when tracked by the USD Index (DXY) on Wednesday. (FXStreet)

USD/CAD picks up bids to pare the biggest daily loss in a month. Oil price cheers surprise inventory draw, expectations of China stimulus. US Dollar dropped heavily after downbeat data renewed Fed policy concerns before the latest consolidation. Clues about US employment, inflation and growth numbers eyed for clear directions of the Loonie pair. (FXStreet)

USD/JPY trades higher around 146.20, retracing from recent losses. The monthly high could be the immediate resistance, following November’s high. 23.6% Fibo appears to be the key support aligned to 21-day EMA. (FXStreet)

USD/CHF rebounds due to downbeat Swiss economic data. Investors will monitor Switzerland’s inflation data, seeking further cues on interest rate hikes by SNB. Market participants await US economic data to gain a clearer insight into the Fed policy decision. (FXStreet)

EUR/USD pares the biggest daily gains in seven weeks with mild losses. Portrays consolidation ahead of German inflation clues, US employment, growth data. 100-SMA, 1.5-month-long descending resistance line together challenge Euro buyers. Pullback remains elusive beyond ascending trend line from late May. (FXStreet)

GBP/JPY picks up bids to reverse the previous day’s retreat from weekly top. Three-week-old ascending support line puts a floor under the prices. 50-SMA, multiple hurdles since mid-August restrict immediate upside. Corrective bounce in yields adds strength to the GBP/JPY rebound but mixed sentiment prods bulls. (FXStreet)

GBP/USD trades lower due to the improvement in US bond yields. US Dollar (USD) treads water to recover two-day losses. Investors await US economic data, seeking further clues on the Fed’s policy decision. (FXStreet)

EUR/GBP oscillates in a tight trading band around 0.8604 on Wednesday. The softer Eurozone data might convince the European Central Bank (ECB) to pause interest rates in its next meeting. Markets anticipate the odds of a rate hike by the Bank of England (BoE) in its September. (FXStreet)

AUD/JPY takes offers to refresh intraday low, snaps three-day uptrend while reversing from two-week high. Australia Monthly CPI, Building Permits for July push back RBA hawks. Sluggish oscillators join U-turn from key technical hurdles and hawkish BoJ bias to tease sellers. (FXStreet)

NZD/USD pares the biggest daily gains in six weeks within fortnight-old descending trend channel. Disappointing prints of New Zealand Building Permits for July recall Kiwi bears after two-day absence. Previous resistance line from late July lures Kiwi sellers but bullish MACD signals keep buyers hopeful. Key SMAs, bearish chart formation challenge bulls ahead of top-tier US data. (FXStreet)

WTI crude oil extends the previous day’s recover to refresh multi-day top despite corrective bounce in US Dollar. Expectations of more energy demand due to adverse weather conditions, hurricane Idalia join China stimulus hopes to favor bulls. API Weekly Crude Oil Stocks Change marked the biggest draw since early September 2016. Risk catalysts, US data about inflation, employment and growth eyed for clear directions. (FXStreet)

Natural Gas Price edges higher at two-week top, prints five-day winning streak. US Dollar consolidates the biggest daily fall in six weeks amid market’s preparations for US data. Hopes of more energy demand due to adverse weather conditions and China stimulus hopes favor XNG/USD buyers. Risk catalysts, US data for clear directions as bulls keep the reins. (FXStreet)

Gold consolidates its recent gain above $1,930 amid the USD weakness.  Gold prices may benefit from the renewed tension between the US and China. Market anticipated the odds for additional rate hikes by the Federal Reserve (Fed).  Traders will closely watch the US ADP private employment, US Gross Domestic Product (GDP) data due on Wednesday. (FXStreet)

Silver Price struggles with the key upside hurdle at monthly high. Descending resistance line from early May challenges XAG/USD bulls amid nearly overbought RSI (14) line. Clear upside break of four-month-old horizontal resistance area, bullish MACD signals favor Silver buyers. 100-DMA, key Fibonacci retracement levels can prod XAG/USD pullback. (FXStreet)

BTC/USD soars and breaks above its 200-day simple moving average, boosted by Grayscale’s legal victory. The SEC’s defeat in the U.S. court system may have positive implications for cryptocurrencies. (DailyFX)

Source: FXStreet

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