Market Update - 08 September  2023

AUD/USD extends its consolidative price move for the third straight day on Friday. China's economic woes and the RBA's status quo continue to weigh on the Aussie. The USD consolidates below multi-month low and lends support, for the time being. (FXStreet)

EUR/JPY holds above the 157.60 mark but remains below the 50- and 100-hour EMAs. The Relative Strength Index (RSI) stands below 50, within a bearish territory. The immediate resistance level is seen at 157.88; the critical support level to watch is at 157.20. (FXStreet)

EUR/USD stages a modest recovery from a three-month trough touched on Thursday. Retreating US bond yields prompts some USD profit-taking and remains supportive. The fundamental backdrop warrants some caution before positioning for further gains. (FXStreet)

USD/JPY attracts fresh buying following the release of the final GDP report from Japan. Intervention fears hold back bulls from placing fresh bets amid a modest USD downfall. The Fed-BoJ policy divergence suggests that the path of least resistance is to the upside. (FXStreet)

USD/CAD drifts lower during the Asian session on Friday amid a modest USD weakness. A combination of factors warrants some caution before positioning for any meaningful slide. Traders now look forward to the monthly Canadian employment details for a fresh impetus. (FXStreet)

GBP/USD snaps the losses due to a pullback in the Greenback. US robust labor data provided support in underpinning the US Dollar (USD). Investors expect the conclusion of BoE’s policy tightening phase could place downward pressure on the Pound Sterling (GBP). (FXStreet)

The rally in the dollar enters and impasse around 105.00. US yields look poised to extend the decline. Wholesale Inventories, Consumer Credit Change next on tap. Following recent multi-week tops past the 105.00 barrier, the greenback now gives away part of those gains when tracked by the USD Index (DXY) at the end of the week. (FXStreet)

USD/CNH extends its gains due to the firmer US Dollar (USD) following the consistent stream of upbeat economic data. Momentum indicators indicate a favorable upward trend in the short-term trajectory. Chinese President Xi Jinping will not attend the G20 leaders' summit in New Delhi. (FXStreet)

NZD/USD struggles to hold ground near the 0.5900 psychological level. US Treasury yields have trimmed the daily losses, which might support the US Dollar (USD). Fed is expected to adopt a hawkish stance, which is exerting pressure on the pair. (FXStreet)

USD/INR drifts lower for the second successive day, albeit lacks follow-through selling. The technical setup supports prospects for the emergence of dip-buying at lower levels. A convincing break below the 200-day SMA is needed to negate the positive outlook. (FXStreet)

WTI price trades lower around $85.90 due to the stronger US Dollar (USD). US solid employment data exert pressure on the prices of black gold. Investors anticipate a hawkish stance from the Fed; contributing to the strengthening of the Greenback. (FXStreet)

Gold price trades higher due to retreating in US Dollar (USD) from a winning streak. The decline in US Treasury yields has contributed to the correction in the Greenback. China-linked fears could suppress the demand for precious metal. (FXStreet)

Silver gains some positive traction and snaps a seven-day losing streak to over a two-week low. The technical setup still favours bears and warrants caution before positioning for further gains. A sustained move beyond the 100-period SMA on the 4-hour chart will negate the bearish bias. (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.