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04.04.2024 Market Report


EUR/USD is creeping higher to near 1.0850 on Thursday’s European morning. The US Dollar stays defensive after the weaker-than-expected US March ISM Services PMI data and Fed Chair Powell’s comments, underpinning the pair ahead of more Fedspeak and US jobs data. 


GBP/USD is trading above 1.2650 early Thursday, finding support from a broadly subdued US Dollar. Mixed US data, dovish Fed commentary and an upbeat market mood continue to act as a headwind to the US Dollar ahead of more statistics and Fedspeak. 


The USD/JPY pair rebounds to historic highs of 152.00 in Wednesday’s early American session. The asset is expected to extend its upside by easing expectations that the Federal Reserve (Fed) will begin reducing interest rates from the June meeting.


The Aussie Dollar posted solid gains against the US Dollar on Wednesday, boosted by falling US Treasury yields and a soft US Dollar. Federal Reserve policymakers grabbed the headlines, while US economic data was mixed, with a strong ADP report but softer PMIs. The AUD/USD trades at 0.6565, posting minimal gains of 0.02% early during Thursday’s Asian session.


NZD/USD continues its upward momentum for the third consecutive day, reaching near 0.6020 during the Asian session on Thursday. The seasonally adjusted Building Permits (Month-on-Month) data released by Statistics New Zealand showed improvement, with a notable increase of 14.9% in February, rebounding from the previous decline of 8.6%.


The USD/CAD pair trades on a softer note near 1.3520 on Thursday during the early Asian trading hours. The rise of crude oil prices to their highest levels since October boost the commodity-linked Loonie. Additionally, the weaker-than-expected US ISM Services PMI data for March weighs on the Greenback and drags the USD/CAD pair lower. 


The USD/CHF pair faces a sharp sell-off near the round-level resistance of 0.9100 as the United States Institute of Supply Management (ISM) has reported weak Services PMI data for March. The Services PMI, which represents the service sector that accounts for two-thirds of the US economy, falls to 51.4 from expectations of 52.7 and the prior reading of 52.6.


Oil prices rose to five-month highs in Asian trade on Thursday, extending a rash of recent gains as the prospect of worsening geopolitical conditions in the Middle East presented more potential supply disruptions.


Gold price is flirting with $2,300 after refreshing a lifetime high at $2,305 earlier this Thursday. Persistent US Dollar softness alongside and the extended retreat in the US Treasury bond yields keep pushing Gold price through the roof.

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