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14.03.2024 Market Report


EUR/USD trades on a weaker note below 1.0950 in the early European session on Thursday. Traders prefer to wait on the sidelines ahead of the key economic data from the US docket. Speeches from the ECB policymakers will be also closely eyed. 


The GBP/USD pair continues with its struggle to gain any meaningful traction and extends its consolidative price move around the 1.2800 mark for the second successive day on Thursday. 


The USD/JPY pair rebounds to crucial resistance of 148.00 as investors hope that the Bank of Japan (BoJ) will delay its plans to quit negative interest rates. The asset recovers as optimism over BoJ hiking interest rates in the March policy meeting wanes, and stubborn United States inflation data for February has dents hopes of the Federal Reserve (Fed) reducing interest rates in June.


AUD/USD was trading in the lower 0.6600s on Wednesday during the US session. It is marginally up by two tenths of a percent on the day as markets continue to expect the Federal Reserve (Fed) to cut interest rates in June, despite stickier inflation data. Lower interest rates are negative for USD since they mean less foreign capital inflows. This contrasts with the Reserve Bank of Australia (RBA) which may still hike. 


The NZD/USD pair trades strongly above the mid-0.6100s during the early Asian session on Thursday. The decline of the US Dollar (USD) provides some support to the pair. The US February Retail Sales data on Thursday might offer some hints about rate-cutting expectations from the Federal Reserve (Fed) next week. The figure is expected to rise by 0.8% m/m. At press time, NZD/USD is trading at 0.6158, gaining 0.02% on the day. 


The USD/CAD pair trades in negative territory for a second consecutive day during the early Asian session on Thursday. The US Dollar (USD) resumes its decline below the 103.00 mark and drags the pair lower. Investors await the US Retail Sales data on Thursday for fresh impetus, which is projected to rise 0.8% MoM in February. At press time, USD/CAD is trading at 1.3468, down 0.02% on the day. 


USD/CHF continues to strengthen for the second consecutive day during Thursday’s Asian session, inching closer to 0.8790. The pair’s appreciation is fueled by a stronger US Dollar (USD) supported by higher US Treasury yields, possibly driven by recent data on “resilient inflation” from the United States (US).


Oil prices edged up in Asia on Thursday, supported by strong demand in the U.S. after gasoline stocks hit a three month low and crude stockpiles dropped unexpectedly, with supply concerns remaining after Ukrainian attacks on Russian refineries.


Gold is treading water above $2,170, awaiting a fresh batch of high-impact US economic data for the next push higher. The US Dollar is attempting a bounce amid a negative shift in risk sentiment while the US Treasury bond yields are consolidating a three-day recovery rally, capping a XAU/USD further upside. 

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