Market Updates

Market Update - 11 September  2023

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Publish date: Mon, 11 Sep 2023, 06:08 PM
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Market Updates

USD/JPY finds an intermediate support near 146.00 as the impact the BoJ Ueda’s hawkish remark starts easing. The USD index corrected from a fresh six-month high near 105.00 Fed policymakers supported keeping the interest rate policy steady. Fed Goolsbee said the central bank is aiming to push the economy to a “golden path,”. (FXStreet)

AUD/USD gains strong positive traction on Monday and is supported by a sharp USD slide. A hawkish BoJ-inspired rally in the JPY weighs on the USD as trades look to the key US CPI. China’s economic woes might hold back bulls from placing aggressive bets around the pair. (FXStreet)

EUR/USD extends gains on the pullback in the US Dollar (USD). Investors await US CPI, seeking valuable insights into the inflation outlook. Euro’s strength could be limited as the ECB is expected to keep interest rates unchanged. (FXStreet)

NZD/USD rises due to more likelihood of a dovish policy stance by the Fed in the September meeting. MACD suggests that the short-term trajectory is favoring a sideways trend. The previous week’s bottom emerges as the initial support aligned to the 0.5850 psychological level. The key barrier level is represented by the 21-day Exponential Moving Average (EMA) at 0.5947. (FXStreet)

USD/CAD is trading near the 1.3600 mark, above the key 100-hour EMA. The relative Strength Index (RSI) stands in the bearish territory below 50. 1.3650 will be the immediate resistance level; 1.3575 acts as an initial support level. (FXStreet)

GBP/USD gains some positive traction on Monday and moves away from a three-month low. A modest USD pullback from a multi-month top is seen as a key factor lending some support. Traders now look to this week's key macro data from the UK and the US for a fresh impetus. (FXStreet)

EUR/JPY loses momentum following the Bank of Japan's (BoJ) hawkish statement. European Central Bank (ECB) is expected to hold interest rates unchanged on Thursday. Japanese policymakers said BoJ could exit its negative interest rate policy when its inflation target of 2% is insight. ECB monetary policy decision will be in the spotlight this week. (FXStreet)

USD/INR extends its losses on the third day, driven by the anticipation of a dovish Fed policy in September. Upbeat Gift Nifty is underpinning the Indian Rupee (INR). Improved US Treasury yields could support the US Dollar (USD). US Treasury Secretary Janet Yellen has conveyed her confidence in controlling inflation without affecting the labor market. (FXStreet)

AUD/JPY recovers from the intraday losses amid BoJ’s hawkish comments. BoJ Governor Kazuo Ueda suggested the odds of interest rate hikes in the future. Investors turn cautious as China’s weak demand weakens the Australian Dollar (AUD). (FXStreet)

USD/CHF kicks off the new week on a weaker note, albeit lacks follow-through selling. A modest USD pullback from a multi-month top is seen exerting pressure on the major. Hawkish Fed expectations, elevated US bond yields limit losses for the USD and the pair. (FXStreet)

GBP/JPY cross trades within the descending triangle pattern since August. The 50-hour EMA is on the verge of crossing below the 100-hour EMA. The first resistance level of GBP/JPY is seen at 184.40; 183.10 acts as an initial support level. (FXStreet)

The failure of EUR/AUD to resume its uptrend last week could be a sign that the consolidation that started last month isn’t over. EUR/AUD retreated from near a tough hurdle at the end-August highs of around 1.6880, coinciding with the upper edge of the Ichimoku cloud on the 240-minute charts.The cross is now testing a vital floor area: the 200-period moving average, slightly above a horizontal trendline since August (at about 1.6635). Any break below 1.6635 could raise the odds of further losses, initially toward 1.6450. (DailyFX)

GBP/AUD is testing a crucial converged cushion: the 200-period moving average, coinciding with a horizontal trendline from the end of August (at about 1.9450), not too far from an uptrend line from June. A hold above the support area is key for the uptrend to resume. To be sure, a break below isn’t imminent, but any break below would point to an extended consolidation with a slightly weak bias. On the upside, GBP/AUD would need to break above last week’s high of 1.9750 for the bullish bias to resume. (DailyFX)

Gold price remains sideways as the market awaits US inflation data for further action. The US Dollar corrects marginally, while the broader bias remains bullish due to US economic resilience. Fed policymakers are expected to maintain the status quo on September 20 as US inflation is falling and the economy is better balanced. (FXStreet)

WTI Crude Oil prices extend the sideways consolidative price move on the first day of a new week. The setup favours bulls and supports prospects for a breakout through a one-week-old trading range. A break below the trading range support will expose last week's swing low, around $84.60-$84.55. (FXStreet)

Silver gains positive traction and snaps an eight-day losing streak to over a two-week low. The technical setup supports prospects for the emergence of fresh selling at higher levels. Bears might wait for a fall below the $22.85-80 region before positioning for further decline. (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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