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14.06.2024 Market Report


EUR/USD trades on a flat note around 1.0735 during the early Friday. The upside of the pair might be limited amid the uncertainty surrounding European parliamentary elections. Investors will take more cues from the ECB’s Christine Lagarde speech and the preliminary US Michigan Consumer Sentiment report for June. 


The GBP/USD pair trades with a negative bias for the second straight day on Friday, albeit manages to hold its neck above the previous day’s swing low. Spot prices currently hover around the mid-1.2700s and seem poised to register modest weekly gains amid subdued US Dollar (USD) price action. 


USD/JPY stays strongly bid toward 158.00 after the Japanese Yen wilted on a status quo adopted by the Bank of Japan on interest rates and JGB bond purchases. The focus shifts to BoJ Governor Ueda’s press conference. 


The Australian Dollar (AUD) edges lower as the US Dollar remains stronger amid higher US Treasury yields on Friday. However, the AUD/USD pair attempted to recover its daily losses following a Reuters poll of 43 economists. The poll predicts that the Reserve Bank of Australia (RBA) could maintain its current interest rates in June. A significant 90% of economists anticipate stable interest rates in the next quarter, with a potential 25 basis-point reduction to 4.10% projected by the end of 2024. Furthermore, 63% of economists foresee interest rates declining to 4.10% or below by year-end, while a minority (35%) expect no change.


The NZD/USD pair extends downside around 0.6155 during the Asian session on Friday. The firmer Greenback and weaker New Zealand PMI data exert some selling pressure on the pair. The preliminary US Michigan Consumer Sentiment report is due later on Friday. Also, the Fed Bank of Chicago President Austan Goolsbee is scheduled to speak. 


The USD/CAD pair struggles to capitalize on the previous day’s positive move and seesaws between tepid gains/minor losses, below mid-1.3700s during the Asian session on Friday. 


The USD/CHF pair snaps the two-day losing streak near 0.8940 in Friday’s early European session. The recovery of the pair is bolstered by the stronger Greenback as the hawkish Fed projection suggested only one rate cut is likely in 2024. Investors await the preliminary US Michigan Consumer Sentiment report and the Fed Bank of Chicago President Austan Goolsbee’s speech on Friday for fresh impetus. 


Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand.


Gold price is trading on thin ice near the $2,300 level in Asian trades on Friday, consolidating the previous decline. Gold price, however, remains on track to book the first weekly gain in four weeks.

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