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11.07.2024 Market Report


EUR/USD trades above 1.0800, attracting buyers for the second successive day early Thursday. The pair, however, stays cautious, as traders refrain from placing fresh bets ahead of the critical US consumer inflation figures.


GBP/USD holds mild gains near 1.2850 in the European morning on Thursday. The pair stays firm amid sustained US Dollar weakness and an upbeat market mood. Traders await the top-tier UK and US economic data for fresh directives. 


The Japanese Yen (JPY) remains stable on Thursday, possibly driven by the rising speculation that the Bank of Japan (BoJ) might raise interest rates at its upcoming July meeting. This development supported the JPY while weakening the USD/JPY pair.


The Australian Dollar (AUD) extends its gains on Thursday despite the release of soft Consumer Inflation Expectations for July by the Melbourne Institute, which presents consumer expectations for inflation over the next 12 months.


The NZD/USD pair trades on a stronger note around 0.6090 during the early Asian session on Thursday. The pair recovers some lost ground on the weaker US Dollar (USD) after retreating from the weekly high of nearly 0.6155. The release of the US Consumer Price Index (CPI) data for June will be in the spotlight on Thursday.


The USD/CAD pair remains under selling pressure near 1.3615 during the early Asian session on Thursday. Meanwhile, the USD Index (DXY) extends its consolidation above the 105.00 hurdle as traders await the key US inflation report. The US Consumer Price Index (CPI) data for June is due on Thursday, along with the weekly Initial Jobless Claims and speeches by the Federal Reserve’s (Fed) Raphael Bostic


The USD/CHF pair trades with mild losses near 0.8995, snapping the three-day winning streak during the early European session on Thursday. The rising Federal Reserve (Fed) rate cut bets drag the pair lower. Traders await the US June Consumer Price Index (CPI) inflation data on Thursday, which is expected to show an increase of 3.1% YoY in June. 


Oil prices rose in Asian trade on Thursday, extending recent gains as weakness in the dollar ahead of key U.S. inflation data benefited price, while bets on tighter global supplies remained in play. 


Gold price is extending its upbeat momentum into a third consecutive day on Thursday, eagerly looking forward to the US Consumer Price Index data release later in the day to seal in a US Federal Reserve interest rate cut in September.

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