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12.04.2024 Market Report


The EUR/USD trades with a negative bias near 1.0728 on Friday during the early Friday. The modest recovery in the US Dollar amid the rising speculation of a Fed rate cut in September weighs on the major pair.


GBP/USD remains on the back foot below 1.2550, struggling even after the January month UK GDP was revised higher to 0.3% while the UK industrial sector showed robust growth. Resurgent US Dollar demand and geopolitical tensions keep the pair undermined. 


The USD/JPY pair climbed to an overnight and fresh 34-year high at 153.32 before easing to settle in late New York at 153.22. Japan’s Chief Cabinet Secretary Yishimasha Hayashi said he “won’t rule out any steps to respond to excessive FX moves.”


The AUD/USD pair meets with a fresh supply during the Asian session on Friday and erodes a part of the previous day’s goodish intraday move up from the 0.6500 psychological mark. Spot prices currently trade around the 0.6530-0.6525 area, though the downside seems cushioned amid mixed fundamental cues.


Supported by the firm Aussie, New Zealand’s Kiwi (NZD/USD) finished at 0.5997, modestly up from 0.5985 previously. The Kiwi asset is expected to deliver more losses as the US Dollar strengthens after expectations for the Federal Reserve (Fed) pivoting to rate cuts shifted to the September policy meeting from prior anticipation in June.


The USD/CAD pair oscillates in a narrow trading band during the Asian session on Friday and for now, seems to have stalled the previous day’s late pullback from its highest level since November 22. Spot prices currently trade just below the 1.3700 mark, nearly unchanged for the day, though this week’s breakout through the 1.3600-1.3610 supply zone favors bulls and supports prospects for a further near-term appreciating move. 


The USD/CHF retreats from year-to-date (YTD) highs reached on Wednesday and drops below the 0.9100 figure as risk appetite improves. The major trades were down by 0.9099 by 0.32%.


Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer U.S. interest rate cuts this year.


Gold price is challenging yet another lifetime high just a hairline short of the $2,400 threshold in Friday’s Asian session. Gold price remains on track to book the third weekly gain in a row, extending its record-setting rally.  

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