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03.11.2023 Market Report


EUR/USD is consolidating weekly gains above the 1.0600 mark in early Europe on Friday. Recent weakness in the US Dollar and the US Treasury bond yields lend some support to the pair. All eyes remain on the US NFP data for a fresh directional impetus. 


GBP/USD closed on Thursday around 1.2200, the highest in a week, after the Bank of England kept interest rates unchanged and supported by a weaker US Dollar. The DXY lost ground amid risk appetite. 


The USD/JPY pair struggles to build on the overnight modest bounce from the 149.85-149.80 region and oscillates in a narrow trading band during the Asian session on Friday. Spot prices currently trade just below mid-150.00s, nearly unchanged for the day, as traders seem reluctant to place aggressive bets amid the uncertainty over the Federal Reserve’s (Fed) rate-hike path.


The AUD/USD pair extends its upside during the early European trading hours on Friday. The US dollar and the risk appetite lend support to the pair ahead of the US Nonfarm Payrolls data on Friday. As of press time, the pair is trading around 0.6435, gaining 0.03% on the day.


The NZD/USD pair consolidates gains during the early Asian trading hours on Friday. A falling US Treasury bond yield and a weaker US Dollar lift the pair to nearly the 0.5900 mark, bouncing off the low of 0.5875. However, market players prefer to wait on the sidelines ahead of the highly-anticipated US Nonfarm Payrolls (NFP) on Friday. At press time, the pair is down 0.06% on the day to trade at 0.5895.


The USD/CAD pair edges higher during the Asian session on Friday and reverses a part of the previous day’s steep decline to the 1.3735 region, or over a one-week low. Spot prices currently trade around the 1.3750-1.3755 region, up just over 0.10% for the day, though the upside seems limited ahead of the monthly employment details from the US and Canada.


The USD/CHF finds some support at around the 0.9010 area, though it failed to print a green day on Thursday after market participants speculated the Federal Reserve isn’t raising rates again. However, buyers entered the market late in the North American session and lifted the pair to current exchange rates at 0.9057, almost flat as the Asian session began.


Oil prices steadied in Asian trade on Friday after a weakened dollar and easing concerns over the Israel-Hamas war spurred wild swings over the prior sessions, although they were still set to close lower for a second straight week.


Gold price attracts some buyers for the second successive day on Friday and sticks to its modest intraday gains heading into the European session. Bets that the Federal Reserve (Fed) is nearing the end of its policy-tightening campaign and start cutting rates in June 2024 keep the USD bulls on the defensive. 

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