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26.02.2024 Market Report


EUR/USD trades in a tight range above 1.0800 early Monday. The US Dollar attracts fresh haven demand amid geopolitical tensions-led risk-averse markets. China’s spate with Taiwan and the US sap investors’ confidence. Lagarde’s speech and US data are next in focus. 


GBP/USD has managed to defend the 1.2650 level in early European morning on Monday, even as the US Dollar recovers ground on the back of a risk-off market mood. Traders now look forward to BoE Chief Economist Huw Pill’s speech and US housing data for fresh impetus. 


The US dollar (USD) ended a second week in positive terrain against the Japanese yen (JPY), leading the USD/JPY currency pair back to familiar down point on the monthly chart at ¥150.80


The AUD/USD pair holds above the mid-0.6500s during the early Asian session on Monday. The pair maintain the upward momentum, with the US Dollar Index (DXY) hovering around the 104.00 mark. The market is likely to be quiet on Monday, and investors await the Australian monthly CPI on Wednesday for fresh impetus. AUD/USD currently trades near 0.6565, gaining 0.04% on the day. 


The NZD/USD pair comes under heavy selling pressure on the first day of a new week and retreats further from a five-week peak, around the 0.6215-0.6220 region touched last Thursday. Spot prices drop to the 0.6165-0.6160 area during the Asian session and for now, seem to have snapped an eight-day winning streak amid a modest US Dollar (USD) strength.


The USD/CAD pair attracts some buyers above the 1.3500 mark during the Asian session on Monday. The recovery of the pair is bolstered by renewed US Dollar (USD) demand. Investors await the Canadian Current Account and the US Gross Domestic Product annualized for the fourth quarter (Q4) for fresh impetus. At press time, USD/CAD is trading at 1.3512, adding 0.07% on the day. 


The USD/CHF pair trades sideways above the 0.8800 mark during the early European session. The US and Swiss Gross Domestic Product (GDP) for the fourth quarter (Q4) could provide a clear direction to the pair. The annualized US GDP growth number is estimated to remain steady at 3.3%. USD/CHF currently trades around 0.8811, unchanged for the day. 


Oil prices fell on Monday, extending losses from the previous session after the dollar rose on market views that higher-than-expected inflation could delay cuts to high U.S. interest rates that have been capping global fuel demand growth.


Gold price settled in the green for the first time in the previous three weeks in the wake of persistent geopolitical tensions and the recent US Dollar corrective decline.

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