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08.12.2023 Market Report


EUR/USD is posting small losses below 1.0800 in the European morning on Friday, stalling its rebound from three-week lows. The pair is weighed by a rebound in the US Dollar alongside the US Treasury bond yields, as the focus turns to the critical NFP report.


The GBP/USD pair consolidates in a narrow range of 1.2583–1.2600 during the early Asian session on Friday. Traders prefer to wait on the sidelines ahead of the highly anticipated US Nonfarm Payrolls report. At press time, the major pair is trading at 1.2586, down 0.02% on the day.


USD/JPY is extending recovery above 144.00 in Friday’s European trading. The pair is finding reprieve from downbeat Japan’s Q3 GDP data, which checked the Yen’s towering rally against the US Dollar amid hints of BoJ’s policy pivot. US NFP awaited. 


The AUD/USD pair oscillates in a narrow range around the 0.6600 psychological mark during the early Asian session on Friday. The weaker-than-expected Australian data and the pessimism about China’s economic outlook weigh on the Australian Dollar. AUD/USD currently trades near 0.6599, down 0.09% on the day.


The NZD/USD pair snaps the two-day winning streak during the early Asian session on Friday. Traders turn to a cautious mood ahead of the highly-anticipated US Nonfarm Payrolls (NFP), which is likely to trigger volatility in the market. At press time, NZD/USD is trading at 0.6165, losing 0.10% on the day.


The USD/CAD pair trades on a negative note during the early European session on Friday. The Federal Reserve (Fed) Chair Powell has cited optimistic supply-side developments as contributing to lower inflation pressures. This viewpoint is supported by an upsurge in productivity growth in the third quarter of 2023, which resulted in a substantial drop in unit labor costs. The markets believe the Fed’s current restricted monetary policies will squeeze demand and ensure the recent drop in inflation continues. Therefore, the markets believe the Fed is done hiking the cycle.


USD/CHF prints decent gains of 0.12% in the early Asian session, extending its weekly gains to 0.80% as buyers reclaim the 0.8700 figure.


Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.


Gold price continues with its struggle to gain any meaningful traction on Friday and remains confined in a multi-day-old trading band heading into the European session. A further recovery in the US bond yields revives the US Dollar demand, capping gains ahead of the NFP release.

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