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25.04.2024 Market Report


EUR/USD clings to gains near the 1.0700 level in early Europe on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data. 


The GBP/USD pair consolidates its strong recovery gains registered over the past two days, from the 1.2300 mark or the YTD low set earlier this week and oscillates in a range during the Asian session on Thursday. Spot prices currently trade near the 1.2465 region, unchanged for the day as traders await more cues about the Federal Reserve’s (Fed) rate-cut path before placing fresh directional bets. 


USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday’s US GDP report and the BoJ decision on Friday. 


The Australian Dollar (AUD) edges higher for the fourth consecutive session on Thursday. The Australian Dollar (AUD) gained traction against the US Dollar (USD) following the release of robust Australian Consumer Price Index (CPI) figures on Wednesday. Additionally, the easing tensions in the Middle East have created a positive market sentiment, favoring risk-sensitive currencies like the AUD and consequently supporting the AUD/USD pair.


The NZD/USD pair moves in the positive direction, trading around 0.5940 during the Asian session on Thursday. The risk-sensitive New Zealand Dollar (NZD) gains momentum as risk appetite improves. Investors are optimistic about the resolution of conflicts between Iran and Israel, following a statement by an Iranian official suggesting no immediate plans for retaliation against Israeli airstrikes, as reported by Reuters.


The USD/CAD pair extends its recovery around 1.3705 during the early Asian trading hours on Thursday. The weaker-than-expected Canada’s Retail Sales weigh on the Canadian Dollar (USD). Later on Thursday, investors will closely monitor the US preliminary Gross Domestic Product (GDP) Annualized, which is projected to grow 2.5% in Q1. 


The USD/CHF pair trades on a weaker note near 0.9145 during the early European session on Thursday. Traders seem to prefer to wait on the sidelines ahead of the release of the US preliminary Gross Domestic Product (GDP) Annualized for the first quarter (Q1) later in the day. In the meantime, any development surrounding escalating tensions in the Middle East might boost safe-haven assets like the Swiss Franc (CHF). 


Oil prices were little changed on Thursday as falling fuel demand in the U.S., the world’s biggest oil user, amid signs of a slowing economy contended with concerns for a widening conflict in the key Middle East producing region.


Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.

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