Market Updates

Market Update - 09 October 2023

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Publish date: Mon, 09 Oct 2023, 05:39 PM
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Market Updates

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Market Update - 09 October 2023

USD/JPY opens with a modest bearish gap on Monday, though lacks any follow-through selling. Escalating geopolitical tensions in the Middle East benefits the JPY and exerts some pressure. Subdued USD price action fails to provide any meaningful impetus amid intervention fears. (FXStreet)

EUR/USD continues the winning streak amid the geopolitical tension in the Middle East. The conflict could increase flows into the traditional safe-haven assets. Blockbuster US Nonfarm Payrolls supported the US Dollar (USD). (FXStreet)

GBP/USD reverses an Asian session dip to sub-1.2200 levels, albeit lacks any follow-through buying. Escalating geopolitical tension in the Middle East and hawkish Fed expectations underpin the USD. Expectations that the BoE is done hiking rates hold back the GBP bulls from placing aggressive bets. (FXStreet)

USD/CAD extends losses due to higher WTI oil prices, coupled with bumper Canada’s employment data. The Palestine-Israel conflict could contribute support for the oil prices. Upbeat US Nonfarm Payrolls provided support to underpin the US Dollar (USD). (FXStreet)

NZD/USD fills a modest weekly bearish gap opening, though the upside potential seems limited. Geopolitical tensions benefit the safe-haven USD and act as a headwind for the risk-sensitive Kiwi. The uncertainty over the Fed’s rate-hike path caps the USD upside and lends support to the major. (FXStreet)

The index reverses three consecutive daily pullbacks. The probability of a Fed’s rate hike loses traction. Investors’ attention is expected to be on the US CPI. The greenback reverses three daily drops in a row and regains the 106.30 region when tracked by the USD Index (DXY) at the beginning of the week. (FXStreet)

USD/CHF trades higher near 0.9100 due to stronger US Dollar. The Palestine-Israel conflict could elevate demand for the safe-haven Swiss Franc. Positive employment data in the United States bolsters the strength of the US Dollar (USD). (FXStreet)

USD/MXN attracts fresh buyers on Monday, albeit lacks follow-through beyond the 38.2% Fibo. level. The technical setup favours bulls and supports prospects for an extension of a one-month-old uptrend. A convincing break below the 23.6% Fibo. level is needed to negate the near-term positive outlook. (FXStreet)

WTI Crude Oil prices kick off the new week on a strong note, albeit lack follow-through. Escalating geopolitical tensions in the Middle East provide a strong lift to the commodity. Resurgent US Dollar demand keeps a lid on any further appreciation for the black liquid. (FXStreet)

Gold price continues to trade higher on geopolitical tension. The Palestine-Israel conflict could increase the demand for safe-haven assets like Gold. Upbeat US jobs data supports the US Dollar (USD). (FXStreet)

Silver touches a one-week high on Monday, albeit struggles to capitalize on the momentum. The technical setup favours bears and supports prospects for an extension of the recent fall. A sustained strength beyond the $22.20-30 region is needed to negate the negative outlook. (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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