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27.04.2023 Market Report


EUR/USD stays on the front foot around the mid-1.1000s as buyers resume a run-up targeting the highest levels since March 2022, following the previous day’s retreat from 1.1095, amid early Thursday morning in Europe. The Euro pair cheers broad US Dollar weakness.


GBP/USD struggles to defend the previous day’s gains, the heaviest in three weeks, as the US Dollar buyers turn cautious ahead of the key US Q1 GDP. That said, the Pound Sterling remains mildly offered around 1.2465 amid early Thursday.


USD/JPY picks up bids to consolidate recent losses around mid-133.00s as markets brace for the US Q1 GDP during early Thursday. Adding strength to the corrective bounce could be the cautious optimism surrounding the US debt ceiling extension and the Bank of Japan (BoJ) Officials’ defense of the current ultra-easy monetary policy.


AUD/USD remains mildly bid around 0.6610, defensive of late, as buyers struggle to extend the previous rebound from the 1.5-month low amid a cautious mood heading into Thursday’s European session. In doing so, the Aussie pair justifies mixed sentiment in the market, as well as mixed inflation clues at home, as traders await the US first quarter (Q1) Gross Domestic Product (GDP), expected to ease to 2.0% on an annualized basis versus 2.6% prior.


NZD/USD marches to 0.6140 heading into Thursday’s European session, extending the previous rebound from a six-week low to snap a two-day downtrend. In doing so, the Kiwi pair cheers the broad US Dollar weak amid mixed catalysts at home.


The USD/CAD pair is marching towards the mark of 1.3630 in the Asian session. The Loonie asset is driving higher after a volatility contraction move as the US Dollar Index (DXY) is looking to conclude its nominal correction. The USD Index dropped marginally to near 101.40 after a V-Shape recovery influenced by volatility in S&P500.


USD/CHF has witnessed a steep fall after failing to sustain above the critical mark of 0.8920 in the early European session. The Swiss Franc asset is declining towards the 0.8900 mark as the US Dollar Index (DXY) has extended its correction further. The absence of anxiety among investors ahead of the United States Durable Goods Orders data has trimmed the appeal for the US Dollar Index.


Oil prices rose slightly on Thursday, but were nursing sharp losses for the week as fears of slowing economic growth largely offset signs of tightening U.S. supplies, with focus now turning to key economic data due later in the day.


Gold price has extended its solid recovery above $2,000.00 amid US debt-ceiling talks. A higher debt-ceiling proposal would force credit rating agencies to downgrade US’ long-term credit rating. US annualized GDP data is expected to slow down to 2.0% from the prior pace of 2.6%.

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