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05.04.2023 Market Report


EUR/USD remains mildly bid around 1.0960-65 as it portrays a three-day uptrend during early Wednesday in Europe. The Euro pair justifies the latest growth optimism from Germany and Eurozone.


GBP/USD bulls jostle with the bears at the 10-month high surrounding 1.2500 as they await the key US/UK data during early Wednesday. Not only cautious mood ahead of the important statistics but corrective bounces in the US Dollar and yields also allow the Cable pair buyers to take a breather of late.


USD/JPY remains indecisive on a daily basis as it flashes 131.70 as a quote heading into Wednesday’s European session. In doing so, the Yen pair tracks the latest consolidation in the US Treasury bond yields amid cautious markets ahead of the key US Data.


AUD/USD grinds near an intraday high surrounding 0.6770 as it pares the previous day’s losses after upbeat comments from Reserve Bank of Australia (RBA) Governor Philip Lowe early Wednesday.


NZD/USD justifies the Reserve Bank of New Zealand’s (RBNZ) 11th rate hike as it renews the seven-week top following the Interest Rate Decision during early Wednesday, picking up bids to 0.6380 by the press time.


The USD/CAD pair has shown a recovery move to near 1.3450 after getting faith from a minor recovery in the US Dollar index (DXY). The Loonie asset is looking to recapture Tuesday’s high at 1.3465 as US Treasury yields remained firm despite rising odds of a steady monetary policy announcement by the Federal Reserve (Fed) for its May meeting.


The USD/CHF pair is displaying a back-and-forth action above 0.9050 in the early Tokyo session. The Swiss Franc asset is expected to continue its downside momentum amid an absence of recovery signs after a plunge. The downside bias for the US Dollar has strengthened as the cooling United States labor market has propelled an unchanged policy stance from the Federal Reserve (Fed) for its May policy meeting.


Oil prices kept to a small range in early Asian trade on Wednesday as markets digested a slew of weak U.S. economic indicators, while signs of shrinking inventories and a recent OPEC production cut pointed to tighter supply.


Gold price is sitting at the highest level since March 2022 near $2,025 early Wednesday, extending the previous upsurge amid continued weakness in the United States Dollar across the board. All eyes now remain on the top-tier US economic data.

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