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10.04.2024 Market Report


EUR/USD is extending its side trend into the European morning on Wednesday, as the US Dollar consolidates recent losses ahead of the key US CPI inflation data. A cautious market mood leaves the pair in limbo. Fed Minutes and Fedspeak are also eyed. 


GBP/USD trades modestly flat below 1.2700 in European trading hours on Wednesday. The pair lacks a clear directional bias amid a stabilizing US Dollar and a typical caution trading heading into the US inflation data release. FOMC Minutes and Fedpseak will also grab attention. 


USD/JPY remains silent before releasing of the US Consumer Price Index (CPI) data and the FOMC Minutes on Wednesday. The pair hovers around 151.70 during the Asian trading hours. The Japanese Yen (JPY) could face challenges as Bank of Japan (BoJ) Governor Kazuo Ueda stated that they would not alter monetary policy solely to address FX fluctuations.


The Australian Dollar (AUD) attempts to extend gains for the third consecutive session on Wednesday. The AUD/USD pair reached a four-week high at 0.6644 in the previous session as the US Dollar (USD) faced a struggle, which could be attributed to the decline in the US Treasury yields.


NZD/USD has experienced fluctuations after the interest rate decision by the Reserve Bank of New Zealand (RBNZ). As expected, the central bank has maintained its Official Cash Rate (OCR) at 5.5% for the sixth consecutive meeting. The pair maintains position around 0.6060 during the Asian trading hours on Wednesday.


USD/CAD seems to remain tepid amid firmer US Dollar (USD) and Crude oil prices. The pair inches lower to near 1.3570 during the Asian session on Wednesday. The US Dollar (USD) holds ground despite lower US Treasury yields.


The USD/CHF pair falls sharply to 0.9010 in Wednesday’s early New York session. The Swiss Franc asset weakens as the market sentiment remains cheerful even though traders pare bets supporting Federal Reserve (Fed) rate cuts from the June meeting. Market expectations for the Fed reducing rates ease as strong United States Nonfarm Payrolls (NFP) data strengthens the inflation outlook.


Oil prices were little changed on Wednesday after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security of supplies from the Middle East, offsetting a bigger-than-expected build in U.S. crude inventories.


Gold price is treading near $2,350 in early Europe on Wednesday, hanging below the new record high of $2,365 reached a day ago. Gold traders have turned to the sidelines ahead of an action-packed US economic calendar later in the day.

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