Pre Loader

09.04.2024 Market Report


EUR/USD is holding steady above 1.0850 in early Europe on Tuesday. The US Dollar struggles to find its feet amid the pullback in the US Treasury bond yields and a cautious market mood, leaving the pair sidelined. Focus shifts to more Fedspeak for fresh trading incentives. 


GBP/USD holds ground in the positive territory, hovering around 1.2650 during the early Tuesday. The pair gained ground on improved risk appetite ahead of Consumer Price Index data scheduled on Wednesday.


The US Dollar has nudged higher against the Japanese Yen on Monday, returning to levels a few pips shy of the 152.00 level. This level triggered a BoJ intervention in 2022 and is considered a line in the sand for the Japanese financial authorities.


The Australian Dollar posted solid gains on Monday, rising 0.42% against the US Dollar amid an improvement in risk appetite and a light economic calendar. The AUD/USD pair trades at 0.6604, virtually flat, as Tuesday’s Asian session begins.


NZD/USD retains its position in positive territory, although it has trimmed some intraday gains, following the release of weaker Business Confidence data from New Zealand on Tuesday. At the time of writing, the pair trades near 0.6040 during the Asian session.


The USD/CAD pair attracts some dip-buying during the Asian session on Tuesday and reverses a part of the previous day’s losses. Spot prices, for now, seem to have stalled the recent pullback from the vicinity of mid-1.3600s or the YTD high touched last week, though remain below the 1.3600 round figure, warranting caution for bullish traders.


The USD/CHF pair trades on a weaker note around 0.9050 during the early European session on Tuesday. The downtick of the pair is backed by the weaker US Dollar (USD). Nonetheless, the upbeat US March employment report and the hawkish comments from the Federal Reserve (Fed) officials might cap the downside of the USD/CHF pair. 


Oil prices rose on Tuesday after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East.


Gold is holding the fort near $2,350 early Tuesday, having witnessed good two-way businesses on Monday. Gold price now awaits key US fundamental data for a fresh directional move. 

Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.