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15.03.2024 Market Report


EUR/USD loses momentum below the 1.0900 mark during the early European session on Friday. The firmer US Dollar following the upbeat US February PPI data and Initial Jobless Claims have triggered the possibility that the Federal Reserve might delay the interest rate cuts next week, exerting some selling pressure on the pair.


GBP/USD continues losing ground for the second straight day and drops to over a one-week low during the Asian session on Friday. Spot prices trade around the 1.2735 region and seem vulnerable to slide further amid some follow-through US Dollar buying.


USD/JPY was trading in the lower 148.00s during Thursdays session, up over a third of percentage point after the release of US macroeconomic data.
An unexpected rise in US Producer Prices (PPI) indicates inflation remains stubbornly high and the Federal Reserve (Fed) will need to keep interest rates elevated for longer to combat it. 


The sharp resurgence of buying interest on the US Dollar (USD) prompted the AUD/USD to accelerate its leg lower and break below the pivotal 0.6600 on Thursday.

Meanwhile, the Greenback’s recovery was once again propped up by firm inflation data (this time from Producer Prices) and weekly figures from the labour market, resulting in extra gains in the USD Index (DXY) well past the 103.00 hurdle, always accompanied by rising US yields across various timeframes.


The NZD/USD pair trades on a weaker note below the mid-0.6100s during the early Asian session on Friday. The downtick of the pair is driven by the strong US Producer Price Index (PPI) data. Meanwhile, the USD Index (DXY) edges higher to fresh multi-session peaks past the 103.00 barrier. NZD/USD currently trades around 0.6125, down 0.09% on the day.


USD/CAD gains ground for the second successive session on Friday. Wednesday’s hotter-than-expected US Consumer Inflation data has reduced the likelihood of the Federal Reserve (Fed) cutting interest rates soon. This sentiment is further bolstered by Thursday’s Producer Inflation figures from the United States (US). As a result, the USD/CAD pair trades higher around 1.3540 at the time of this update.


USD/CHF appreciates for the third consecutive day on Friday, advancing to around 0.8850 during the Asian trading hours. The strong Producer Price Index (PPI) data from the United States (US), has contributed to the strength of the USD/CHF pair.


Oil prices fell slightly from four-month highs in Asian trade on Friday, seeing some profit-taking and pressure from the dollar as hotter-than-expected U.S. inflation data pushed up fears of a more hawkish Federal Reserve. 


Gold price is consolidating weekly losses near $2,160 early Friday, as risk sentiment remains sour and keeps the US Dollar underpinned. XAU/USD traders remain wary and refrain from placing fresh positional bets, as the focus shifts to next week’s US Federal Reserve monetary policy announcements.

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