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15.04.2024 Market Report


EUR/USD is holding recovery gains above 1.0650 in European trading on Monday. A broadly subdued US Dollar and improving risk appetite bode well for the pair, as markets weigh the weekend’s Middle East escalation. Focus shifts to EU and US data. 


GBP/USD gains ground amid a stable US Dollar (USD), trading around 1.2460 during Asian hours on Monday. The US Dollar (USD) maintains its position below its peak since November 2023, potentially restricting the upward momentum of the GBP/USD pair.


USD/JPY is renewing multi-decade highs above 153.50 early Monday. The Japanese Yen continues to be undermined by the BoJ’s uncertain outlook about future rate hikes. Intervention fears and persistent geopolitical tensions could help limit losses for the safe-haven JPY. 


The Australian Dollar (AUD) rebounds on Monday from the eight-week low of 0.6456 reached last Friday. However, the AUD/USD pair encountered obstacles as traders sought refuge in the US Dollar (USD) amidst heightened tensions in the Middle East.


NZD/USD rebounds from a five-month low of 0.5927 reached on Monday, hovering around 0.5950 during the Asian trading hours. The New Zealand Dollar (NZD) might have faced a struggle as New Zealand’s services sector fell back into contraction during March. Business NZ Performance of Services Index (PSI) report posted a reading of 47.5 for March, as compared to 52.6 prior.


The USD/CAD pair comes under some selling pressure on the first day of a new week and erodes a part of Friday’s strong move up to the 1.3785 region, or its highest level since November 14. Spot prices currently trade around the 1.3760-1.3755 zone, though any meaningful corrective decline still seems elusive in the wake of the underlying strong bullish sentiment surrounding the US Dollar (USD). 


The USD/CHF retreats from year-to-date (YTD) highs reached on last week 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 fell during trade on Monday, as market participants dialled back risk premiums following Iran’s attack on Israel late on Saturday which the Israeli government said caused limited damage.


Gold price jumps on a flight to safety after Iran attacked Israel late Saturday. US Dollar fails to benefit from geopolitical turmoil and higher US Treasury bond yields. Gold looks north alongside 4H RSI ahead of US Retail Sales data.

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