Here are the Top Market Analysis for the 14th of September, 2023.

Currencies (Forex – FX)

• EUR/USD: The euro is trading slightly higher against the US dollar, as investors await the outcome of the European Central Bank (ECB) meeting later today. The ECB is expected to raise interest rates by 25 basis points, but some traders are also expecting a more hawkish surprise.
• USD/JPY: The US dollar is trading slightly lower against the Japanese yen, as risk appetite improves. The yen is also being weighed down by concerns about the Japanese economy.
• GBP/USD: The British pound is trading slightly higher against the US dollar, as investors digest the latest economic data from the UK. The UK economy grew by 0.3% in the second quarter, in line with expectations.
• AUD/USD: The Australian dollar is trading slightly lower against the US dollar, as commodity prices decline. The Australian dollar is also being weighed down by concerns about the Chinese economy.
• NZD/USD: The New Zealand dollar is trading slightly higher against the US dollar, as risk appetite improves. The New Zealand dollar is also being supported by the country’s strong economic data.
• CAD/USD: The Canadian dollar is trading slightly higher against the US dollar, as oil prices rise. The Canadian dollar is also being supported by the country’s strong economic data.
• CHF/USD: The Swiss franc is trading higher against the US dollar, as investors seek safe haven assets. The Swiss economy is also expected to grow at a moderate pace this year, which could support the franc.
• CNY/USD: The Chinese yuan is trading lower against the US dollar, as risk appetite improves. The Chinese economy is also expected to grow at a healthy pace this year, which could support the yuan.

Metals

• Gold: Gold is trading lower, as the US dollar continues to strengthen. The metal is currently trading at $1,910 per ounce, and is facing support at the $1,900 level. If gold breaks below this level, it could target the $1,880 level next.
• Silver: Silver is also trading lower, as it tracks gold. The metal is currently trading at $23.50 per ounce, and is facing support at the $23.00 level. If silver breaks below this level, it could target the $22.50 level next.
• Platinum: Platinum is trading higher, as it is supported by strong demand from the automotive industry. The metal is currently trading at $955 per ounce, and is facing resistance at the $965 level. If platinum breaks above this level, it could target the $975 level next.
• Palladium: Palladium is trading lower, as it is weighed down by concerns about the global economy. The metal is currently trading at $1,225 per ounce, and is facing support at the $1,220 level. If palladium breaks below this level, it could target the $1,215 level next.
• Aluminum: Aluminum is trading higher, as demand from the construction and packaging industries remains strong. However, aluminum is also facing headwinds from rising energy costs.
• Copper: Copper is trading lower, as concerns about the global economic slowdown weigh on demand. However, copper remains supported by its use in infrastructure projects.
• Nickel: Nickel is trading lower, as the global stainless steel market remains weak. However, nickel is still supported by its use in electric vehicle batteries.
• Lead: Lead is trading lower, as demand from the battery and construction industries remains weak. However, lead is still supported by its use in weights and solder.
• Zinc: Zinc is trading lower, as demand from the galvanizing industry remains weak. However, zinc is still supported by its use in batteries and alloys.

Commodities

• Crude oil: Crude oil is trading lower, as concerns about the global economy weigh on sentiment. The price is currently trading at $89 per barrel, and is facing support at the $88 level. If crude oil breaks below this level, it could target the $87 level next.
• Natural gas: Natural gas is also trading lower, as it is affected by the same factors as crude oil. The price is currently trading at $5.40 per million British thermal units (MMBtu), and is facing support at the $5.30 level. If natural gas breaks below this level, it could target the $5.20 level next.
• Corn: Corn is trading higher, as it is supported by strong demand from the ethanol industry. The price is currently trading at $6.60 per bushel, and is facing resistance at the $6.70 level. If corn breaks above this level, it could target the $6.80 level next.
• Soybeans: Soybeans are also trading higher, as they are supported by strong demand from the food and feed industries. The price is currently trading at $14.60 per bushel, and is facing resistance at the $14.70 level. If soybeans break above this level, it could target the $14.80 level next.
• Wheat: Wheat is trading lower, as it is affected by the same factors as corn and soybeans. The price is currently trading at $8.60 per bushel, and is facing support at the $8.50 level. If wheat breaks below this level, it could target the $8.40 level next.
• Coffee: Coffee prices are trading higher, as concerns about crop damage from frost in Brazil outweigh concerns about demand. Brazil is the world’s largest producer of coffee, and its crop is expected to be damaged by the frost.
• Coal: Coal is trading higher, as demand from Asia remains strong. Asia is facing power shortages, which is supporting prices.
• Cocoa: Cocoa prices are trading lower, as concerns about the global economic slowdown weigh on demand. However, cocoa remains supported by strong demand from the chocolate industry.
• Sugar: Sugar prices are trading lower, as concerns about the global economic slowdown weigh on demand. However, sugar remains supported by strong demand from the beverage industry.
• Rubber: Rubber is trading lower, as concerns about demand from China are weighing on prices. China is the world’s largest consumer of rubber, but its economy is slowing down, which could dampen demand.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is trading lower, as investors weigh the risks of a global economic slowdown against the potential for higher inflation. The index is down 0.57% at 4,461.90.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is also trading lower, down 0.23% at 34,568.03.
• NASDAQ Composite: The Nasdaq Composite is trading higher, up 0.27% at 13,811.13.
• Stoxx Europe 600: The Stoxx Europe 600 is trading lower, down 0.33% at 417.25.
• DAX: The DAX is also trading lower, down 0.91% at 15,572.53.
• CAC 40: The CAC 40 is trading lower, down 0.72% at 6,086.12.
• Nikkei 225: The Nikkei 225 is trading lower, down 0.21% at 32,706.52.
• Hang Seng Index: The Hang Seng Index is trading lower, down 0.09% at 22,009.22.
• Shanghai Composite: The Shanghai Composite is trading lower, down 0.45% at 3,123.07.

Cryptocurrencies

• Bitcoin: Bitcoin is trading above the $25,000 support level, but it is still facing headwinds from the broader sell-off in risk assets. The Federal Reserve is expected to raise interest rates by 50 basis points next week, which could weigh on cryptocurrencies.
• Ethereum: Ethereum is also trading above the $1,500 support level, but it is facing similar headwinds to Bitcoin. The Ethereum Merge, which is expected to take place in the coming months, could provide some support for the price of ETH.
• Other Cryptocurrencies: Most of the other major cryptocurrencies are also trading mixed today. Solana (SOL) is up 1.2% at $40, Cardano (ADA) is down 0.8% at $0.50, and Dogecoin (DOGE) is down 1.1% at $0.07.

Current Factors Affecting the Makets and Events to Watch Out For

• US-China trade war: The US-China trade war is still ongoing, and could continue to weigh on the global economy and the forex market.
• Geopolitical developments, such as the Russia-Ukraine war
• Central bank monetary policy decisions
• The weather
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.