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11.03.2024 Market Report


EUR/USD is trading in a tight range below 1.0950 in the European morning on Monday, extending its sideways movement amid a steady US Dollar and a tepid risk tone. Traders refrain from placing fresh bets on the major ahead of Tuesday’s US CPI data release. 


GBP/USD is holding lower ground near 1.2850 in early Europe on Monday. The US Dollar stalls its losing streak, as markets turn risk-averse ahead of the all-important US CPI report due on Tuesday. Range trade is likely to extend in the day ahead. 


Japan avoided a recession in the fourth quarter, a revised gross domestic product reading showed on Monday, aided chiefly by increased company spending on new facilities and equipment. Strength in the Japanese economy gives the Bank of Japan more headroom to end its negative interest rates and yield curve control policies.


The AUD/USD pair trades with a mild negative bias above the 0.6600 psychological mark during the early Asian session on Monday. The pair edges lower due to the modest rebound of the US Dollar (USD) to 102.75 after retreating to 102.40. Investors will closely watch the US Consumer Price Index (CPI) and Retail Sales data this week for fresh impetus. At press time, AUD/USD is trading at 0.6620, unchanged for the day. 


The NZD/USD pair remains capped under the 0.6200 barrier during the Asian session on Monday. The downtick of the pair might be limited as the US Dollar (USD) is likely to remain on its back foot after the dovish comments from Federal Reserve (Fed) Chair Jerome Powell and the mixed jobs data last week. At press time, NZD/USD is trading at 0.6172, down 0.03% on the day. 


The USD/CAD pair struggles to capitalize on Friday’s goodish rebound from the 1.3420 region, or a nearly one-month low and oscillates in range on the first day of a new week. The pair trades around the 1.3480 area, nearly unchanged for the day during the Asian session, and is influenced by a combination of diverging forces.


The USD/CHF pair posts modest gains below the 0.8800 psychological barrier during the early European session on Monday. The prospect that the Federal Reserve (Fed) will cut the interest rate this year exerts some selling pressure on the US Dollar (USD) and creates a headwind for the pair. Investors will closely watch the US CPI inflation on Tuesday for fresh impetus. At press time, USD/CHF is trading at 0.8777, up 0.04% on the day. 


Oil prices fell in Asian trade on Monday, extending losses from the prior week as markets remained on edge over slowing demand while largely looking past a tighter supply outlook for 2024. 


Gold is treading water near $2,180 early Monday, having witnessed a 4.50% upsurge in the previous week. Gold buyers take a breather amid a pause in the US Dollar downward spiral, as investors await the high-impact CPI data from the United States for the next directional impetus.

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