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27.06.2024 Market Report


EUR/USD recovers its losses from the previous two sessions, trading around 1.0690 during the Asian session on Thursday. A technical analysis of the daily chart indicates a bearish bias, with the pair consolidating within a descending channel.


The GBP/USD pair attracts some buyers near the 1.2615-1.2610 area, or its lowest level since mid-May touched during the Asian session on Thursday and reverses a part of the previous day’s steep decline. Spot prices currently trade around the 1.2630 area, up less than 0.10% for the day, as traders now look to the key US macro data before positioning for the next leg of directional bets.


USD/JPY pulls back to near 160.50 in the Asian session on Thursday, eroding a part of Wednesday’s upsurge. The pair is dragged down by broad risk aversion and Japanese verbal intervention, supporting the Japanese Yen. The focus now is on potential FX intervention and US data. 


AUD/USD remains stable after gaining in the previous session, trading around 0.6650 during the Asian hours on Thursday. The Australian Dollar (AUD) is supported against the US Dollar (USD) due to heightened inflation concerns, fueling speculation that the Reserve Bank of Australia (RBA) might raise interest rates again in August.


The NZD/USD pair stages a modest recovery from the 0.6070-0.6065 area, or the lowest level since mid-May touched during the Asian session on Wednesday. The momentum lifts spot prices to a fresh daily top, around the 0.6085 zone in the last hour and is sponsored by a modest US Dollar (USD) weakness. 


The USD/CAD pair seesaws between tepid gains/minor losses during the Asian session on Thursday and for now, seems to have stalled its goodish rebound from the 1.3620-1.3615 region, or a three-week low touched on Tuesday. Spot prices currently trade near the 1.3700 mark, nearly unchanged for the day as traders now await the release of US macro data before placing fresh directional bets.


The USD/CHF pair continued to benefit from rising US Treasury yields on Wednesday and shrugged off soft housing data. The Swiss economic calendar remained barren during the session, leaving the pair at the mercy of broader market trends and data from the US.


Oil prices dipped on Thursday as a surprise build in U.S. stockpiles fuelled fears about slow demand from the world’s top oil consumer, though declines were capped by worries a potential expansion of the Gaza war may disrupt Middle East supplies.


Gold price is languishing in two-week lows just shy of the $2,300 level early Thursday, with buyers lacking conviction due to the sustained strength in the US Treasury bond yields.

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