Market Update - 24 October 2023

EUR/USD continues to move upward for the fourth successive day, trading higher around the 1.0680 level during the Asian session on Tuesday. The pair receives upward support on the decline in the US Dollar (USD), coupled with an improved risk sentiment amid geopolitical tensions in the Middle East. (FXStreet)

The USD/JPY pair sticks to mild gains after bouncing off the 149.55 low during the early Asian session on Tuesday. The pair currently trades near 149.76, gaining 0.03% on the day. However, the fear of FX intervention by the Japanese authorities remains intact. (FXStreet)

GBP/USD continues the winning streak that began on Thursday, trading higher near 1.2270 during the Asian session on Tuesday. The pair receives upward support due to the correction in the US Dollar (USD), coupled with improved risk sentiment. (FXStreet)

USD/CHF loses ground for the second successive day, trading lower near 0.8900 during the Asian session on Tuesday. The pair faces challenges due to the downfall in the US Dollar (USD), which could be attributed to the dovish remarks by the US Federal Reserve (Fed) officials. (FXStreet)

The Australian dollar has received some fundamental backing of recent through a low unemployment rate and some hawkish messaging from the Reserve Bank of Australia (RBA) minutes and officials alike. The fight against inflation seems to be at the forefront of the central bank and many believe that the softening of inflationary pressures is not happening at a fast enough rate. With Australian inflation data scheduled next week (expected lower), this could give a good indication as to where the RBA bias may shift going forward. (DailyFX)

The USD/CAD pair extends its downside during the Asian session on Tuesday. The downtick of the pair is driven by the correction of the US Dollar (USD) to a one-month low. However, a rise in US Treasury bond yields and the escalating geopolitical tensions in the Middle East might limit the USD’s downside. The pair currently trades near 1.3674, down 0.12% for the day. (FXStreet)

Indian Rupee (INR) trades strongly against the US Dollar (USD) amid a decline in US Treasury bond yields on Tuesday. Moreover, the Reserve Bank of India's (RBI) potential aggressive intervention last week lends some support to the Indian Rupee and acts as a headwind for the USD/INR pair. Nonetheless, the higher crude oil prices and escalating geopolitical tension in the Middle East might contribute to the risk-off mood and cap the upside of the Indian Rupee. (FXStreet)

The EUR/GBP cross remains under pressure around the 0.8700 psychological mark during the early European session on Tuesday. The latest UK employment data showed mixed results. Market players will monitor the economic data releases from both the Eurozone and the UK for fresh impetus ahead of the European Central Bank (ECB) rate decision on Wednesday. (FXStreet)

Western Texas Intermediate (WTI) hovers around $85.50 per barrel during the early European session on Tuesday. Crude oil receives upward support due to the fear of the Israel-Hamas war. (FXStreet)

Natural gas could be set for a material rebound: it rose to an eight-month high last week on higher heating demand, smaller-than-expected inventory build, and rising exports. Natural gas rose 14% last week, the biggest weekly percentage increase since mid-June. LSEG forecast US gas demand, including exports, would rise in the coming two weeks. On technical charts, natural gas’ break above crucial resistance at the March & August highs of 3.03 has triggered a significant break out from an eight-month-long sideway range. (DailyFX)

Gold price treads waters near the $1,980 post-intraday gains during the Asian session on Tuesday. The price of the precious metal receives upward support due to the correction in the US Dollar (USD), which could be attributed to the downbeat US Treasury yields. (FXStreet)

Bitcoin has broken above a crucial hurdle at the July high of 31800, triggering a double bottom (the June and September 2023 lows), potentially opening the way toward 39,000. The surge in momentum follows a rise above another vital barrier on the 200-day moving average, roughly coinciding with the end-August high of 28150. The move on the daily charts coincides with a rise out of the bearish Ichimoku cloud on the weekly charts – BTC/USD was last above the cloud back in 2021. (DailyFX)

Source: FXStreet, DailyFX

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