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23.11.2023 Market Report


The EUR/USD pair snaps its two-day losing streak and surges above 1.0900 during the Asian session on Thursday. Traders will closely monitor the Eurozone preliminary PMI data and the minutes of the ECB on Thursday. 


GBP/USD strives to bounce back after its three-day winning streak paused in the previous session, trading marginally higher around 1.2500 during the Asian session on Thursday. The pair faced challenges in the previous session, influenced by the strengthened US Dollar (USD) following economic data releases from the United States (US). Investors seem to perceive persistent inflation in the US, coupled with a decelerating economy.


The USD/JPY rebounds from daily lows of 148.01 and rallies more than 0.81% boosted by a jump in the US 10-year Treasury bond yield. At the time of writing, the major exchanges hands at 149.54.


The AUD/USD pair faces a rejection of 0.6600 and trades around 0.6538 during the early Asian session on Thursday. The downtick of to pair is backed by renewed US Dollar (USD) demand after the US economic reports. Markets remain subdued ahead of the Thanksgiving Day holiday in the United States on Thursday, and trading sessions on Friday will be shortened.


The NZD/USD pair builds on the overnight bounce from levels just below the 0.6000 psychological mark and gains strong positive traction during the Asian session on Thursday. The momentum lifts spot prices back closer to mid-0.6000s in the last hour and is sponsored by the emergence of fresh US Dollar (USD) selling.


USD/CAD seems to extend its losses for the third consecutive session, trading slightly lower near 1.3680 during the Asian hours on Thursday. However, the Canadian Dollar (CAD) dragged down on Wednesday due to the decline in Crude oil prices. Additionally, the improved US Dollar (USD) contributed to underpinning the USD/CAD pair as the economic data from the United States (US) turned investors to perceive persistent inflation in the country, coupled with a decelerating economy.


USD/CHF moves on a downward trajectory as the Swiss Franc (CHF) maintains its strength, driven by ongoing CHF repatriation by the Swiss National Bank (SNB). The USD/CHF pair retraces recent gains, trading lower around 0.8830 during the Asian session on Thursday.


Oil prices fell by more than 1% on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting, leading to speculation that producers might cut output less than earlier anticipated.


Gold price catches fresh bids on Thursday and reverses a part of the overnight decline. Bets that the Fed is done raising rates prompt fresh USD selling and remain supportive.

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