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09.01.2024 Market Report


EUR/USD is trading close to 1.0950, struggling in European trading on Tuesday. The US Dollar attempts to tepid recovery, as markets turn cautious amid a lack of clarity on the Fed’s policy outlook. Mid-tier US data and Fedspeak awaited. 


GBP/USD is heading back toward 1.2700, having failed to sustain above 1.2750 in early Europe on Tuesday. A souring market mood and renewed US Dollar demand are weighing on the pair. Risk sentiment and the Fed expectations will continue to lead the way. 


The USD/JPY begins the week on the back foot with the major sliding 0.33%, weighed by falling US Treasury bond yields and a soft US Dollar (USD). The lack of a catalyst on Monday keeps traders focused on the main event of the week, which is the inflation report in the US. At the time of writing, the pair is exchanging hands at 144.11.


The AUD/USD pair consolidates above the 0.6700 mark during the early Asian session on Tuesday. The speculation that the Federal Reserve (Fed) may not cut their policy rate as quickly as previously expected lends some support to the US Dollar (USD) and weighs on the pair. Investors await the US Consumer Price Index (CPI) data later this week for the near-term catalysts. At press time, AUD/USD is trading at 0.6719, gaining 0.01% on the day.


NZD/USD moves on an upward trajectory, extending gains for the third successive session. The NZD/USD pair trades higher near 0.6260 during the Asian hours on Tuesday. The pair rebounded from a three-week low at 0.6181 on Friday after mixed economic data from the United States (US).


USD/CAD consolidates near 1.3350 during the Asian session on Tuesday, attempting to retrace its recent losses registered on Monday. The Canadian Dollar (CAD) could have some balance on steady Crude oil prices.


The USD/CHF pair gains momentum during the early European trading hours on Monday. The recovery of the US Dollar (USD) and higher US Treasury bond yields lend some support to the pair. USD/CHF currently trades near 0.8515, up 0.13% on the day.


Oil prices fell over 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output that offset supply concerns generated by escalating geopolitical tension in the Middle East.


Gold price is back in the green early Tuesday, building on the turnaround from three-week lows of $2,017 set on Monday. The US Dollar is holding its pullback amid a better market mood and a modest uptick in the US Treasury bond yields.

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