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Market Update - 17 November 2023

EUR/USD struggles to gain any meaningful traction and oscillates in a range on Friday. Bets that the Fed is done hiking rates keep the USD depressed and act as a tailwind. Dovish ECB expectations keep a lid on any meaningful appreciating move for the pair. (FXStreet)

USD/JPY remains on the defensive for the second straight day amid a bearish USD. Bets that the Fed is done with its rate-hiking cycle continues to weigh on the buck. The BoJ’s dovish stance could undermine the JPY and help limit any further losses. (FXStreet)

GBP/USD losses ground despite stronger US jobless claims data. US Initial Jobless Claims rose to 231K compared to the expected 220K. Pound Sterling faced a challenge due to the downbeat UK inflation data. (FXStreet)

NZD/USD faced challenges on concerns over China’s property sector. Kiwi’s Producer Price Index (PPI) – Output improved to 0.8% from 0.2% prior. US Jobless Claims increased to 231K, exceeding the expected 220K. Downbeat US bond yields could undermine the US Dollar. (FXStreet)

USD/CAD attracts some sellers around the mid-1.3700s on Friday. US weekly Initial Claims rose by 231,000, the highest level in nearly three months. House sales in Canada declined by the most in 16 months in October. Traders will focus on the US housing data and the Canadian Industrial Product Price Index, the Raw Materials Price Index. (FXStreet)

EUR/GBP trades with modest intraday losses around 0.8740 ahead of UK Retail Sales data. The cross keeps the bullish stance as the cross holds above the 50- and 100-hour EMA. The first resistance level is located at 0.8765; 0.8713 acts as an initial support level for the cross. (FXStreet)

The index appears side-lined in the low-104.00s. Market chatter of rate cuts by the Fed in H1 2024 remains on the rise. The US housing sector will be in the limelight along with Fedspeak. The greenback, in terms of the USD Index (DXY), navigates a narrow range around 104.30 at the end of the week. (FXStreet)

GBP/JPY drifts lower for the second straight day, albeit lacks any follow-through selling. Expectations that the BoE will start cutting rates in 2024 continue to undermine the GBP. Traders look forward to the UK monthly Retail Sales figures for short-term opportunities. (FXStreet)

USD/MXN faces downward pressure weaker US economic data. US Initial Jobless Claims marked the highest level in nearly three months. Banxico could maintain policy rates at 11.25% for a prolonged period to achieve a 3.0% inflation target. (FXStreet)

USD/CHF faced challenges on concerns over China’s property sector. Swiss Franc could gain ground on prevailing risk-off sentiment. Upbeat US jobless claims data seem ineffective to the US Dollar’s resilience. (FXStreet)

WTI is seen consolidating the overnight sharp downfall to its lowest level since July 10. Worries about global demand turn out to be a key factor undermining the commodity. Dovish Fed expectations continue to weigh on the USD, albeit do little to lend support. (FXStreet)

Gold price gains momentum around $1,982 on the lower US Treasury bond yields. The markets have priced in the end of the tightening cycle and expect a rate cut in the middle of 2024. Gold traders will focus on the US housing data on Friday. (FXStreet)

Silver attracts some buyers for the fifth successive day on Friday. The overnight breakout through the $23.60-70 area favours bulls. Corrective declines are likely to get bought into and remain limited. (FXStreet)

Source: FXStreet, DailyFX

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.