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Market Update - 11 October 2023

GBP/USD scales higher for the sixth successive day and climbs to a near three-week high. Retreating US bond yields and a positive risk tone undermine the USD and lend support. Traders now look to the US PPI and FOMC meeting minutes for some meaningful impetus. (FXStreet)

EUR/USD trims the intraday gains ahead of US economic data. MACD indicator suggests a change in momentum towards a bullish trend. Support at nine-day EMA, following the psychological level at 1.0500. (FXStreet)

NZD/USD touches a one-month peak on Wednesday and is supported by a softer USD. Reduced bets for more rate hike by the Fed and a positive risk tone weighs on the buck. Investors now look to the US PPI and the FOMC minutes for some meaningful impetus. (FXStreet)

USD/CAD moves upward near the 1.3600 major level. MACD indicates a change in momentum towards a bearish trend. Resistance at 1.3650 psychological level, followed by the weekly high. (FXStreet)

USD/JPY seesaws between tepid gains/minor losses through the European session on Wednesday.  A positive risk tone, and the BoJ’s dovish stance, undermine the JPY and lend support to the pair. Retreating US bond yields keeps the USD bulls on the defensive and continues to act as a headwind. Traders now look to the US PPI and the FOMC meeting minutes for some meaningful opportunities. (FXStreet)

The index trades in the lower end of the range near 105.70. Investors’ attention will be on the release of Producer Prices. The Fed will publish its Minutes of the September meeting. The USD Index (DXY), which gauges the greenback vs. a basket of its main rival currencies, remains under pressure following the recent breakdown of the 106.00 support. (FXStreet)

USD/CHF experienced challenges due to the dovish remarks by the Fed. The escalation of the Middle-East conflict could contribute support for the Swiss Franc. Investors await Core PPI and FOMC minutes, seeking fresh impetus on inflation overview in the US. (FXStreet)

USD/INR trades slightly higher on the Fed’s likelihood of halting the interest rate-hike cycle. The default situation by China's Country Garden could potentially affect the Asian currencies. The dovish comments from Fed policymakers are contributing to pressure on the US Dollar. (FXStreet)

USD/MXN struggles to gain any meaningful traction, though the bias remains tilted in favour of bulls. Any further slide could attract fresh buyers near the 17.80 confluence breakpoint, now turned support. A convincing break below the 23.6% Fibo. level is needed to negate the near-term constructive outlook. (FXStreet)

WTI gains some positive traction during the Asian session, though lacks bullish conviction. Easing concerns about potential supply disruptions due to the Israel-Gaza conflict cap gains. Worries about tight global supply and a softer USD continue to act as a tailwind for Oil prices. (FXStreet)

Gold price trades with modest intraday gains during the early European session on Wednesday. Reduced bets for more interest rate hikes by the Fed and geopolitical tensions lend some support. Traders look for cues about the Fed’s next policy move before placing aggressive directional bets. (FXStreet)

Silver catches fresh bids on Wednesday and advances to over a one-week high. The technical setup warrants some caution before positioning for further gains. A sustained move beyond $22.20-30 will be seen as a positive trigger for bulls. (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.