Market Update - 19 September  2023

EUR/USD snaps the two-day winning streak, trading lower around 1.0680 during the Asian session on Tuesday. The pair is facing downward pressure due to the market caution ahead of the US Federal Reserve’s (Fed) policy decision. (FXStreet)

The USD/JPY pair attracts some dip-buying on Tuesday, albeit struggles to capitalize on the modest uptick and remains below its highest level since November 2022 touched last week. Spot prices trade around the 147.70 region, up less than 0.10% for the day, as traders keenly await this week's key central bank event risks. (FXStreet)

The GBP/USD pair continues with its struggle to gain any meaningful traction and languishes near its lowest level since early June touched on Monday. Spot prices currently trade around the 1.2380-1.2375 region and seem vulnerable to prolonging the recent downward trajectory witnessed over the past two months or so. (FXStreet)

USD/CHF recovers from the previous day’s losses amid investors caution ahead of the interest rate decisions from the US Federal Reserve (Fed) and Swiss National Bank (SNB). The spot price trades around 0.8980 during the early trading hours in the European session on Tuesday. (FXStreet)

AUD/USD continues to move sideways amid investors turn cautious ahead of the US Federal Reserve (Fed) policy decision. The spot price trades around 0.6430 during the Asian session on Tuesday. (FXStreet)

The USD/CAD pair remains under selling pressure below the 1.3500 mark during the early European session on Tuesday. A surge in oil price lift the commodity-linked Loonie against the US Dollar (USD). At the press time, the pair is losing 0.07% on the day to trade at 1.3476. Market players await the Canadian Consumer Price Index for August ahead of the highly-anticipated FOMC monetary policy meeting on Wednesday. (FXStreet)

The EUR/GBP cross reverses an early European session dip to the 0.8620 region and climbs back closer to its highest level since August 11 touched this Tuesday. Spot prices currently trade around the 0.8630-0.8635 zone and look to build on the recent strong gains registered over the past two days. (FXStreet)

The GBP/JPY cross oscillates in a narrow range below the 183.00 area during the early European session on Tuesday. Markets participants await the Bank of England (BoE) interest rate decision on Thursday ahead of the Bank of Japan (BoJ) meeting on Friday. These key events could trigger the volatility in the market. The cross currently trades around 182.91, up 0.07% on the day. (FXStreet)

The USD/INR pair oscillates in a range around the 83.20-83.25 area during the Asian session on Tuesday and remains well within the striking distance of over a one-month high touched the previous day. The technical setup, meanwhile, still seems tilted in favour of bullish traders and suggests that the path of least resistance for spot prices is to the upside. (FXStreet)

USD/MXN moves sideways around 17.1350 during the Asian session on Tuesday, as it attempts to continue the downward trend from the previous day's gains. However, investors caution ahead of the US Federal Reserve’s (Fed) policy decision to put pressure on the Mexican Peso (MXN). (FXStreet)

The AUD/JPY cross remains confined around 94.95-95.20 in a narrow trading band during the Asian trading hours on Tuesday. The cross currently trades near 94.98, losing 0.03% on the day. (FXStreet)

Daily USD/ZAR price action has changed little since last week as bulls look to breach the medium-term trendline resistance (black) that coincides with the 19.0000 psychological handle. There may be a developing ascending triangle at play (dashed black line) that could result in subsequent upside. Fundamental factors above will be the likely catalyst if this is to occur and will require a hawkish slant to the Fed over the SARB. Currently, recent doji closes indicate hesitancy from USD/ZAR traders who are clearly on edge ahead of a big data week. (DailyFX)

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading higher around $91.20 during the European session on Tuesday. WTI prices are continuing the winning streak that began on September 8. (FXStreet)

Prices of natural gas started the week on a strong foot, setting aside Friday’s pullback. Monday’s uptick was amidst shrinking open interest and this removes strength from a potential sustained recovery in the very near term. So far, the $3.00 mark per MMBtu remains a key hurdle for the time being. (FXStreet)

Gold price (XAU/USD) consolidates its recent gains above the $1,900 mark during the Asian session on Tuesday. Traders prefer to wait on the sidelines ahead of the major central banks' monetary policy meeting. The Federal Reserve (Fed), the Bank of England (BoE), and the Bank of Japan (BoJ) will announce the interest rate decision later this week and these events could trigger the volatility in the market. At the press time, gold price is losing 0.06% on the day to trade at $1,932. (FXStreet)

Silver reverses modest intraday losses to the $23.15 area and climbs back closer to a nearly two-week high touched this Tuesday. The white metal now trades around the $23.25 region during the early European session, nearly unchanged for the day. (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.