Market Update - 10 November 2023

EUR/USD oscillates around the 1.0663-1.0675 region in a narrow trading band. The pair holds above the key 100-hour Exponential Moving Averages (EMA), but the RSI indicator is located in bearish territory. The first immediate resistance level will emerge at 1.0725; 1.0659 acts as an initial support level. (FXStreet)

USD/JPY receives upward support on hawkish remarks by the Fed Powell. Japanese authorities may intervene in the FX market to provide support for the JPY. BoJ Governor Ueda mentioned that the central bank will approach the exit from ultra-loose monetary policy. (FXStreet)

USD/CAD trades close to 1.3800 after a sharp recovery. The USD Index struggles to climb above 106.00. USD/CAD continues to move higher in a Rising Channel chart pattern. (FXStreet)

USD/CHF continues to gain ground on the likelihood of another rate hike by the Fed. Fed Chair Powell’s hawkish sentiment led to a surge in US Treasury yields. US weekly Initial Jobless Claims eased at 217K compared to the previous week's figure of 220K. (FXStreet)

The index alternates gains with losses near 106.00. Chief Powell remained cautious at his speech on Thursday. The flash Consumer Sentiment gauge takes centre stage later. The greenback looks to extend its strong weekly recovery and already flirts with the key barrier at 106.00 the figure when measured by the USD Index (DXY) on Friday. (FXStreet)

EUR/JPY is prolonging the consolidative note below the mid-161.00s on Friday. The cross holds above the 50- and 100-hour EMAs; RSI indicator is located in the bullish territory above 50. The critical resistance level will emerge at 161.80; 160.85 acts as an initial support level. (FXStreet)

EUR/GBP faces an intermediate resistance near 0.8730, more upside remains likely. BoE Pill warned that higher interest rates for a sufficiently longer period could result in an excessive slowdown. Economists expected that the UK economy contracted by 0.1% in the third quarter of 2023. (FXStreet)

GBP/JPY regains positive traction on Friday and reverses a part of the overnight slide. The BoJ’s dovish stance is seen undermining the JPY and lending support to the cross. The better-than-expected UK GDP print also contributes to the modest intraday uptick. (FXStreet)

NZD/USD struggles to halt the losing streak amid improved US Dollar. MACD suggests tepid momentum, monitoring for potential shifts in market dynamics. The pair could revisit the 1.0750 major level aligned to the weekly high at 1.0756. (FXStreet)

Prices of WTI dropped marginally on Thursday amidst the steep weekly decline. The daily losses were on the back of declining open interest and volume and open the door to a potential rebound in the very near term. In light of the recent price action, the commodity appears underpinned by the $75.00 region per barrel for the time being. (FXStreet)

Prices of natural gas declined further on Thursday. The daily drop followed another uptick in open interest, which leaves the commodity vulnerable to further losses in the very near term. Against that, there is an important support zone around the $3.00 mark per MMBtu for the time being. (FXStreet)

Gold price trades with a mild negative bias through the first half of the European session.  Reviving Fed rate hike bets underpin the USD and weigh on the non-yielding yellow metal. Receding safe-haven demand contributes to the offered tone, though China’s economic woes may mitigate its losses. (FXStreet)

Silver trades with a positive bias for the second straight day, though lacks follow-through. The technical setup favours bears and warrants caution before positioning for further gains. A sustained move beyond the $23.60-70 supply zone is needed to negate the negative bias. (FXStreet)

Source: FXStreet, DailyFX

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