Market Update - 29 September 2023

USD/JPY hovers around 149.00 psychological level ahead of US Core PCE. Momentum indicators suggest a potential bullish sentiment in the market. 14-day EMA emerges as the key support, following the 23.6% Fibonacci retracement. (FXStreet)

The index adds to Thursday’s decline below 106.00. US yields also correct lower from recent multi-year tops. US PCE, Final Consumer Sentiment take centre stage. The greenback, when tracked by the USD Index (DXY), adds to Thursday’s pullback and drops further south of the 106.00 support at the end of the week. (FXStreet)

EUR/GBP meets with a fresh supply on Friday and trades just above the weekly low. The disappointing German macro data undermines the Euro and exerts some pressure. Traders now look to Lagarde's speech for some impetus ahead of the Eurozone CPI. (FXStreet)

NZD/USD extends gains after moderate US data released on Thursday. Volatile US Treasury yields could affect the US Dollar. US Core PCE is due on Friday, expected to reduce from 4.2% to 3.9%. (FXStreet)

USD/CAD loses traction near 1.3458 amid the weaker USD. The pair holds below the 50- and 100-hour EMAs on the four-hour chart. Relative Strength Index (RSI) is located in the bearish territory below 50. The immediate resistance level is seen at 1.3495; the initial support level is located at 1.3423. (FXStreet)

USD/CHF pulls back from the highest levels since March. Improved US Treasury yields could limit the losses of the US Dollar. US Core PCE is due on Friday, expected to reduce from 4.2% to 3.9%. ANZ Bank report revealed that CHF has become the top-performing currency among the G10 currencies. (FXStreet)

EUR/JPY hovers around 158.00; Relative Strength Index (RSI) stands in bullish territory above 50. The 50-hour EMA is on the verge of crossing above the 100-hour EMA. The immediate resistance level for the cross is 158.15; the key support level is seen at 157.50. (FXStreet)

GBP/JPY gains momentum above the mid-182.00s on Friday ahead of the UK key event. Japan’s Tokyo CPI eased to 2.8%% vs. 2.9%; excluding Fresh Food, Energy came in at 3.8% vs. 4.0% prior. Traders await the UK’s Gross Domestic Product (GDP) data for Q2. (FXStreet)

USD/MXN recovers from the winning streak on the back of the downbeat US Dollar. Banxico maintained its current interest rates at 11.25%. Downbeat US Treasury yields are putting pressure on the Greenback. (FXStreet)

Crude oil prices struggle to retrace the recent losses ahead of US Core PCE. Russia will maintain its ban on petroleum exports until the domestic market stabilizes. US Dollar weakens due to downbeat US Treasury yields. (FXStreet)

Prices of natural gas extended their sharp weekly rebound on Thursday. The move was amidst increasing open interest and leaves the door open to another potential test of the key resistance zone around the $3.00 mark per MMBtu in the very near term. (FXStreet)

Gold price gains strong positive traction and snaps a four-day losing streak to a near seven-month low. Retreating US bond yields drags the USD away from a 10-month high and lends support to the metal. Bets for one more Fed rate hike in 2023 might cap gains as traders await the US Core PCE Price Index. (FXStreet)

Silver gains strong positive traction on Friday and recovers further from a two-week low. The mixed technical setup warrants some caution before positioning for any further gains. The $22.70 region should now act as a strong support and a key pivotal point for traders. (FXStreet)

Source: FXStreet

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