Market Updates

Market Update - 27 March 2023

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Publish date: Mon, 27 Mar 2023, 05:30 PM
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Market Updates

EUR/USD advances modestly within a tight range. The European banking sector remains in the centre of the debate. Germany’s Business Climate improves further in March. (FXStreet)

USD/CAD is seen oscillating in a narrow trading band and is influenced by a combination of factors. Looming recession risks weigh on Oil prices, which undermines the Loonie and lends some support. The Fed’s less hawkish outlook acts as a headwind for the USD and acts as a headwind for the pair. (FXStreet)

GBP/USD regains positive traction on Monday and recovers a part of Friday’s modest losses. Rising US bond yields act as a tailwind for the USD and keep a lid on any meaningful upside. Traders now look to BoE Governor Bailey’s scheduled speech for short-term opportunities. (FXStreet)

USD/JPY benefited from improving market mood at the beginning of the week and climbed above 131.00. Earlier in the day, the data from Japan showed that the Coincident Index improved to 96.4 in January from 96.1 and the Leading Economic Index inched higher to 96.6 from 96.5. (FXStreet)

AUD/USD has observed selling pressure near 0.6660 as USD Index has defended the 103.00 support. The street is mixed about the commentary of fewer rate hikes ahead by Federal Reserve chair Jerome Powell. Reserve Bank of Australia is extremely worried about persistent inflation and a softening retail demand would provide some relief. AUD/USD is oscillating in an Inverted Flag pattern, which signals a bearish trend-following pattern after a downside move. (FXStreet)

USD/MXN has sensed pressure after a recovery move to near 18.45. The major looks vulnerable above 61.8% Fibo retracement at 18.40. A downward-sloping 50-EMA at 18.50 indicates more weakness ahead. (FXStreet)

EUR/JPY grinds higher around intraday top during the first positive day in three. Successful rebound from 61.8% Fibonacci retracement, ascending trend line from August 2022 lures buyers. Oscillators appear less lucrative as 100-DMA, short-term resistance line challenge immediate upside. Limited upside expected; bulls may remain cautious below 145.20. (FXStreet)

The index keeps the trade above the 103.00 mark. US yields attempt a tepid recover on Monday. Markets’ attention should shift to PCE inflation due on Friday. The greenback, when measured by the USD Index (DXY), attempts to extend the rebound seen in the second half of last week just above the 103.00 mark. (FXStreet)

WTI oil prices surge as banking concerns ease and geopolitical tension rise. Russian crude inventories drive tactical production cuts amid escalating European tensions. Financial market sentiment and geopolitics are likely to shape oil market volatility. (FXStreet)

Gold price continues steady pullback as First Citizens Bank is taking over SVB. Relief is tempered by comments from Fed’s Kashkari, suggesting banking crisis could still trigger recession. Gold remains in an uptrend, correction is still too minor to be called a reversal. (FXStreet)

Silver extends Friday’s late pullback from its highest level since early February. The technical setup support prospects for the emergence of some dip-buying. A convincing break below the $22.00 mark would negate the positive outlook. (FXStreet)

Bitcoin stayed directionless over the weekend but ended up gaining more than 25% on a weekly basis. BTC/USD trades in a narrow range below $28,000 on Monday. Ethereum rose toward $1,800 on Sunday but lost its traction. As of writing, ETH/USD was down more than 1% on the day at $1,750. (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.

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