Pre Loader

29.02.2024 Market Report


EUR/USD is trading sideways above 1.0800 in the European morning on Thursday. The pair stays underpinned by the renewed US Dollar weakness. But further upside remains elusive ahead of the key inflation data from Germany and the US. 


The GBP/USD pair builds on the previous day’s goodish rebound from the weekly low and attracts some follow-through buying during the Asian session on Thursday. Spot prices currently trade above mid-1.2600s and draw support from a modest US Dollar (USD) downtick, though lack bullish conviction.


USD/JPY is consolidating steep losses below 150.00, having tumbled on hawkish comments from BoJ policymaker Takata. Takata hinted at a likely policy pivot, sending the Japanese Yen higher across the board. US PCE inflation data is next on tap. 


The Australian Dollar (AUD) dropped 0.73%, against the US Dollar (USD) on Wednesday/s session, courtesy of a dovish hold by the Reserve Bank of New Zealand (RBNZ), which followed a solid inflation report from Australia. As the Asian session begins, the AUD/USD trades at 0.6496, virtually unchanged.


The NZD/USD pair attracts some buying during the Asian session on Thursday and reverses a part of the previous day’s heavy losses to a one-and-half-week low touched in the aftermath of the Reserve Bank of New Zealand (RBNZ) policy decision. Spot prices currently trade around the 0.6100 mark, albeit lack follow-through as traders keenly await the release of the US Personal Consumption Expenditures (PCE) Price Index before placing fresh directional bets.


USD/CAD continues its winning streak, marking the fifth consecutive session with gains, as it edges higher around 1.3580 during the Asian session on Thursday. The Canadian Dollar (CAD) faced downward pressure against the US Dollar (USD) due to the lower Crude oil prices, thereby providing support to the USD/CAD pair. Furthermore, Canada’s Gross Domestic Product data will be closely monitored later in the North American session.


USD/CHF moves sideways amid a tepid US Dollar (USD) despite improved US Treasury yields. The pair hovers around 0.8790 during the Asian trading hours on Thursday. The US Dollar Index (DXY) edges lower to near 103.90 with 2-year and 10-year yields on US Treasury coupons standing at 4.65% and 4.28%, respectively, by the press time.


Oil prices on Thursday extended declines from the previous session after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated added to pressure.


Gold price is trading in the green zone for the second straight day early Thursday, stretching toward the two-week high of $2,041. A broad USD selling amid an improvement in risk sentiment is underpinning the Gold price ahead of the all-important PCE data due later in the day.

Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.