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11.06.2024 Market Report


EUR/USD is looking to stabilize above 1.0750 in the Asian session on Tuesday. A pause in the US Dollar upsurge supports the pair, as markets reassess the implications of the Euro area political concerns. The pair’s upside could be limited due to the risk-off market mood. ECB-speak is in focus. 


GBP/USD extends its gains for the second successive session ahead of employment data release from the United Kingdom, trading around 1.2740 during the early Tuesday.


The USD/JPY pair scales higher for the third straight day – also marking the fourth day of a positive move in the previous five – and climbs to over a one-week high, around the 157.25 area during the Asian session on Tuesday. Spot prices, however, remain below the 157.65-157.70 supply zone as traders seem reluctant ahead of this week’s key US macro data and central bank event risks. 


The Australian Dollar (AUD) edges lower on Tuesday as the US Dollar (USD) remains strong, bolstered by robust US jobs data for May. This development has reduced the odds of two Federal Reserve (Fed) interest rate cuts in 2024. The CME FedWatch Tool indicates that the likelihood of a Fed rate cut in September by at least 25 basis points has decreased to nearly 49.0%, down from 59.5% a week earlier.


The NZD/USD pair trades on a softer note around 0.6130 on Tuesday during the early Asian session. The rebound of the USD Index (DXY) above the 105.00 barrier drags the pair lower. Amid the absence of top-tier economic data from New Zealand, the NZD/USD pair will be influenced by the USD. The US Consumer Price Index (CPI) inflation data and the Federal Reserve (Fed) monetary policy meeting will take center stage on Wednesday. 


The USD/CAD pair trades in the positive territory around 1.3765 amid the renewed US Dollar (USD) demand on Tuesday during the early Asian trading hours. Meanwhile, the decline in crude oil prices undermines the commodity-linked Loonie and creates a tailwind for USD/CAD. 


The USD/CHF pair clings to gains near 0.8970 in Tuesday’s early European session. The Swiss Franc asset remains firm as the US Dollar (USD) strengthens after traders unwind Federal Reserve (Fed) rate-cut bets for the September meeting.


Oil prices traded lower on Tuesday, as investors waited for key U.S. inflation data and the outcome of the Federal Reserve’s policy meeting to glean a clearer picture of where inflation is heading, and how that will affect fuel demand.


Gold price is off the four-week troughs but trades with a modest downside bias early Tuesday, battling the $2,300 level. The US Dollar pauses its uptrend amid a retreat in the US Treasury bond yields, courtesy of a risk-aversion wave.

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