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01.03.2024 Market Report


EUR/USD holds positive ground near 1.0811 during the early European session on Friday. The major pair recovers despite the renewed US Dollar demand. Market players will take more cues from the Eurozone inflation data due later in the day.


The GBP/USD pair attracts some buying during the early European trading hours on Friday and for now, seems to have snapped a two-day losing streak to a one-week low, around the 1.2615-1.2610 region touched the previous day. 


The USD/JPY trades with losses below the Tenkan-Sen level of 150.03, following “hawkish” comments by a Bank of Japan (BoJ) member, Takata. He said the BoJ needs to consider taking a flexible response, including exiting from monetary policy stimulus, which investors perceived as a normalization of monetary policy. At the time of writing, the pair exchanged hands at 149.98, down 0.47%.


The AUD/USD registered back-to-back trading sessions with losses and remained within the lows of the week, just below the 0.6500 figure. US Inflation data initially boosted the Aussie, though the rally was short-lived, as the Greenback staged a comeback. The pair exchanges hands at 0.6490, virtually unchanged.


NZD/USD broke its four-day losing streak following comments from Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr on Friday. Orr stated that the central bank anticipates commencing policy normalization in 2025. As a result, the pair climb higher, reaching near 0.6090 during the Asian session.


USD/CAD breaks the winning streak that began on February 23, which could be attributed to the improved Crude oil prices as Canada is the largest oil exporter to the United States (US). The pair edges lower to near 1.3560 during the Asian session on Friday.


The USD/CHF pair holds positive ground around the mid-0.8800s during the early Asian trading hours on Friday. The recovery of the pair is bolstered by the firmer US dollar (USD). Investors await the Swiss Real Retail Sales and US ISM Manufacturing PMI, due on Friday. The pair currently trades near 0.8845, gaining 0.04% on the day. 


Oil prices rose slightly in Asian trade on Friday, supported by broader market optimism that easing inflation will see the Federal Reserve cut interest rates by mid-2024. 


Gold price is consolidating near four-week highs of $2,051, gathering pace for the next push higher. A renewed weakness in the US Dollar alongside the US Treasury bond yields is prompting Gold buyers to take a breather ahead of another top-tier US economic data in the ISM Manufacturing PMI due later on Friday.

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