Market Update - 09 November 2023

USD/JPY trades with a negative bias on Thursday and snaps a three-day winning streak. The divergent BoJ-Fed policy outlook might continue to act as a tailwind for the major. The technical setup supports prospects for a move back towards retesting the YTD top. (FXStreet)

AUD/USD stages a modest recovery from the weekly low touched on Wednesday. A modest USD downtick is seen as a key factor lending some support to the major. Spot prices react little to rather unimpressive Chinese inflation figures for October. (FXStreet)

USD/CHF moves sideways as markets adopt a cautious stance. Investors focus on Fed Chair Powell's involvement in a panel discussion, seeking fresh cues. US Dollar experiences lukewarm response despite hawkish remarks from Fed officials. (FXStreet)

USD/CAD trades with a mild negative bias and is pressured by a modest USD downtick. The uncertainty over the Fed’s rate-hike path should help limit any meaningful USD fall. Bearish Oil prices might continue to undermine the Loonie and lend support to the pair. (FXStreet)

GBP/USD struggles to gain any meaningful traction and oscillates in a narrow range on Thursday. A further decline in the US bond yields keeps the USD bulls on the defensive and lends some support. The uncertainty over the Fed’s rate hike is holding back traders from placing fresh directional bets. (FXStreet)

The index looks side-lined in the mid-105.00s. Chief Powell will participate in a discussion panel. Weekly Claims, Fedspeak comes next on the docket. The greenback, in terms of the USD Index (DXY), navigates within a consolidative range around the 105.50 region following the opening bell in Euroland on Thursday. (FXStreet)

EUR/USD struggles to stay in the green zone amid weaker US Dollar. Combined technical indicators support a positive outlook for the pair. The pair could revisit the 1.0750 major level aligned to the weekly high at 1.0756. (FXStreet)

NZD/USD trades higher as the US Dollar takes a breather. Downbeat China’s CPI had no impact on the Kiwi pair. RBNZ’s inflation report contributed to pressure on the NZD. (FXStreet)

WTI is seen consolidating its recent downfall to the lowest level since July 20 touched on Wednesday. Easing worries about supply disruptions in the Middle East and demand concerns continue to weigh. The fundamental backdrop supports prospects for an extension of a three-week-old descending trend. (FXStreet)

Prices of natural gas dropped further on Wednesday amidst increasing open interest and volume. That said, the continuation of the ongoing correction appears well on the cards in the very near term and with the immediate support at the key $3.00 mark per MMBtu. (FXStreet)

Gold price remains on the defensive near a multi-week trough touched on Wednesday. Sliding US bond yields undermine the USD and lend some support to the XAU/USD. China’s economic woes further help limit losses ahead of Fed Chair Powell’s speech. (FXStreet)

Silver remains under some selling pressure for the fourth successive day on Thursday. The technical setup favours bearish traders and supports prospects for deeper losses. A sustained strength beyond $23.60-70 barrier is needed to negate the negative bias. (FXStreet)

Source: FXStreet, DailyFX

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