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11.04.2024 Market Report


EUR/USD is oscillating in a narrow range near 1.0750 in Thursday’s European morning. The pair consolidates hot US CPI data-led losses, as traders refrain from placing fresh bets ahead of the ECB policy announcements, US PPI data and Fedspeak. 


GBP/USD is keeping its recovery mode intact near 1.2550 in early Europe on Thursday, having crashed after a hotter-than-expected US CPI data fuelled a US Dollar rally. The pair’s upside appears elusive amid escalating Mid-East geopolitical tensions and ahead of key US data. 


The USD/JPY pair trades on a weaker note near 153.00 after retreating from the highest level since July 1990, nearly 153.24, on Thursday during the early Asian session. The uptick of the pair is supported by the upbeat US Consumer Price Index (CPI) data for March, which triggered investors to scale back bets on US interest rate cuts this year.


The AUD/USD pair oscillates in a narrow trading range during the Asian session on Thursday and consolidates the previous day’s hotter US CPI-inspired slump to over a one-week low. Spot prices hold steady above the 0.6500 psychological mark and move little following the release of inflation figures from China.


The NZD/USD pair loses around 0.5980 on Thursday during the Asian trading hours. The Chinese Consumer Price Index (CPI) was softer than estimated in March, while the Producer Price Index (PPI) was in line with expectations. The pair moves little after Chinese inflation data, and the attention will shift to the US PPI for March, due later on Thursday.


The USD/CAD pair consolidates its gains above 1.3650 during the Asian trading hours on Thursday. The uptick of the pair is backed by US inflation that came in stronger than expected in March, which boosted the Greenback to a yearly high of 105.30. Investors will take more cues from the US Producer Price Index (PPI), due later on Thursday. The headline and Core PPI figures are estimated to show an increase of 2.2% YoY and 2.3% YoY, respectively. 


The USD/CHF pair falls sharply to 0.9010 in Tuesday’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 extended gains on Thursday, after rising a dollar a barrel in the prior session, as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC.


Gold price is reversing a part of the previous day’s losses, bouncing toward $2,350 in Asian trading on Thursday. Gold price finds its feet heading into another eventful US economic docket, with eyes on the Producer Price Index data and speeches from US Federal Reserve policymakers.

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