Market Update - 18 September  2023

The EUR/USD pair recovers from the recent losses and trades near 1.0675 during the early European trading hours on Monday. The upside of the major seems limited as investors await the Federal Reserve (Fed) interest rate decision on Wednesday. (FXStreet)

The USD/JPY pair consolidates in a narrow range after retracing from the 147.95 area during the early European session on Monday. Markets turn cautious ahead of the key event from both the Federal Reserve (Fed) and Bank of Japan (BoJ) this week. The major currently trades near 147.68, losing 0.11% on the day. (FXStreet)

GBP/USD struggles to halt the two-day losing streak, recovering from the intraday losses and trading around 1.2380 during the European session on Monday. The pair is facing downward pressure ahead of the interest rate decisions from the United States (US) and the United Kingdom (UK). (FXStreet)

The USD/CHF pair snaps its three-day winning streak during the early European session on Monday. Meanwhile, the US Dollar Index (DXY) hovers around 105.25 after retreating from a nine-month high of 105.40. The pair currently trades near 0.8966, losing 0.11% on the day. Market players await the key interest rate decision from the Federal Reserve (Fed) and the Swiss National Bank (SNB) on Wednesday and Thursday, respectively. (FXStreet)

The AUD/USD pair recovers its losses after retracing from a two-week high of 0.6473 during the early European session on Monday. The pair is trading at 0.6445, gaining 0.24% on the day. Market players prefer to wait on the sidelines ahead of the monetary poly meeting of the Reserve Bank of Australia (RBA) and the Federal Reserve (Fed). (FXStreet)

The USD/CAD pair kicks off the new week on a subdued note and remains well within the striking distance of a two-week low set on Friday. Spot prices, however, manage to hold above the 1.3500 psychological mark through the Asian session, though struggle to attract any meaningful buying in the wake of a modest US Dollar (USD) weakness. (FXStreet)

NZD/USD starts the week on a positive note, trading higher around 0.5910 during the Asian session on Monday. The pair is experiencing upward support ahead of the interest rate decision by the US Federal Reserve (Fed) scheduled on Wednesday. (FXStreet)

EUR/GBP attempts to extend its gains on the second day, trading higher around 0.8610 during the European session on Monday. The pair might gain strength after the statement made by the European Central Bank’s (ECB) President Christine Lagarde on Friday. (FXStreet)

The GBP/JPY cross kicks off the new week on a positive note, albeit lacks follow-through buying and remains confined in Friday's broader trading range. Spot prices trade around the 183.00 round figure, near the 50-day Simple Moving Average (SMA) during the Asian session and remain well within the striking distance of a five-week low touched last Thursday. (FXStreet)

USD/INR attempts to continue the winning streak that began on Tuesday, trading higher around 83.10 during the Asian session on Monday. The Indian Rupee (INR) is experiencing downward pressure due to the trade balance figure. (FXStreet)

The USD/CNH pair builds on Friday's modest rebound from the 7.2595 region, or a nearly two-week low and gains some positive traction during the Asian session on Monday. Spot prices currently trade around the 7.2905 area, up over 0.10% for the day, flirting with the top boundary of a three-day-old range. (FXStreet)

The USD/MXN pair remains depressed for the seventh straight day and slides to over a two-week low, around the 17.0485 level during the Asian session on Monday. (FXStreet)

On Monday, the People’s Bank of China (PBOC) fixed the USD/CNY central rate at 7.1736, compared with Friday’s fix of 7.2760 and market expectations of 7.2707.  The PBOC injected 184 billion Yuan via 7-day reverse repos at 1.80% vs. prior 1.80%. The Chinese central bank added 60 bln yuan via 14-day reverse repos at 1.95% vs. prior 1.95%. (FXStreet)

WTI prices extended its rally and surpassed the key $90.00 mark per barrel on Friday. The daily advance, however, was on the back of shrinking open interest, indicating that a corrective move could be in the offing in the very near term. In the meantime, the November 2022 peak near $94.00 (November 7) emerges as the next up-barrier for the commodity. (FXStreet)

Prices of natural gas dropped to three-day lows at the end of last week. The move was against the backdrop of increasing open interest and suggest that further decline could be in store for the commodity in the short-term horizon. That said, the 100-day SMA around $2.52 per MMBtu emerges as a temporary contention area for the time being. (FXStreet)

Gold price continues with its struggle to make it through the $1,930 resistance zone and pulls back from a one-week high touched earlier this Monday. The XAU/USD, however, manages to hold in the positive territory for the second successive day and trades around the $1,925 region, up just over 0.10% during the first half of the European session. (FXStreet)

Silver attracts fresh buyers near the $23.00 mark on the first day of a new week and sticks to its modest intraday gains through the early part of the European session. The white metal currently trades around the $23.15 area, up 0.45% for the day, though remains below Friday's swing high. (FXStreet)

Source: FXStreet

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