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08.04.2024 Market Report


The EUR/USD pair struggles to capitalize on Friday’s goodish rebound of around 50 pips from sub-1.0800 levels and meets with a fresh supply during the Asian session on Monday. Spot prices currently trade around the 1.0825-1.0820 region and remain at the mercy of the US Dollar (USD) price dynamics, though the downside seems cushioned.


GBP/USD broke its previous week’s consolidation to the downside and reached the lowest level in seven weeks near 1.2540 on Tuesday. The pair staged a rebound to hit a fresh two-week high shy of 1.2700 but buyers failed to sustain this momentum, pushing GBP/USD lower in the latter part of the week.


USD/JPY builds on Friday’s solid bounce from the 150.30 area, and gains positive traction for the second straight day. The US Dollar continues to draw support from the upbeat US NFP report and acts as a tailwind for the major. Adding to this, a positive risk tone is seen undermining the safe-haven Japanese Yen and lending additional support to the pair.


AUD/USD is rebounding toward 0.6600, as the US Dollar struggles in Asian trading on Monday. The commodity-currency pair also finds support from the record-setting rally in Gold price and easing geopolitical tensions in the Middle East.


NZD/USD continues its upward momentum for the fourth consecutive day, reaching near 0.6020 during the Asian session on Monday. 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 prints a fresh four-month high at 1.3640 in Monday’s early Asian session. The Loonie asset rallies as the United States Bureau of Labor Statistics (BLS) has reported upbeat Nonfarm Payrolls and the Statistics Canada has showed poor Employment data for March.


USD/CHF advances to near 0.9030 during the early European hours on Monday, which could be attributed to the recovery of the US Dollar (USD). The resurgence in the long-term yield on 10-year US bond coupons has bolstered the Greenback, thereby providing support for the USD/CHF pair.


Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.


Gold price has picked up fresh bids and hit a new all-time high above the $2,350 barrier in Asian trading on Monday. Reducing bets for a June Fed rate cut and easing geopolitical tensions fail to deter Gold buyers amid expectations of a surge in central banks’ Gold purchases. 

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