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10.06.2024 Market Report


EUR/USD extends losses toward 1.0700 in the early European morning on Monday. Mounting uncertainty around French snap elections weighs on the Euro Meanwhile, the upbeat US NFP data tempered Fed rate cut bets, adding extra legs to the US Dollar upsurge. EU Sentix data eyed. 


GBP/USD recovers some lost ground around 1.2725 during the early Monday. The upside of GBP/USD might be limited amid the lower bets of the US Federal Reserve rate cuts this year after the stronger-than-expected US Nonfarm Payrolls data.


The Japanese Yen (JPY) edges lower for the successive second trading day on Monday. The USD/JPY pair experienced support as the US Dollar (USD) regained its strength following the better-than-expected US employment data released on Friday.


The Australian Dollar (AUD) gains ground on Monday following the decline in the previous session. The US Dollar (USD) regained its strength from the better-than-expected US employment data released on Friday, causing traders to delay their expectations of Federal Reserve’s (Fed) rate cuts. This has put pressure on the AUD/USD pair.


NZD/USD remains tepid following the decline in the previous session, trading around 0.6110 during the Asian hours on Monday. The US Dollar (USD) regained its strength from the better-than-expected US employment data released on Friday, which has caused expectations of the Federal Reserve (Fed) delaying rate cuts. This has put pressure on the NZD/USD pair.


The USD/CAD pair struggles to capitalize on the post-NFP move up and seesaws between tepid gains/minor losses, just above mid-1.3700s during the Asian session on Monday. The subdued price action is influenced by a combination of diverging forces, though the fundamental backdrop seems tilted in favor of bullish traders. 


The USD/CHF pair is seeing a boost after updated Nonfarm Payroll (NFP) figures from the US were released on Friday, surpassing market expectations. As market bets on the Federal Reserve may turn more hawkish, the divergences with the Swiss National Bank (SNB) might favor the USD.


Oil prices edged up on Monday, aided by hopes of rising fuel demand this summer despite being weighed down by a firmer dollar, as expectations of interest rate cuts were pushed out further following strong U.S. jobs data.


Gold price is languishing near four-week lows of $2,286 in Asian trades on Monday, looking to attempt a tepid rebound. The US Dollar holds higher ground alongside the US Treasury bond yields, extending Friday’s sharp gains after the robust US Nonfarm Payrolls report.

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