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24.11.2023 Market Report


The EUR/USD pair trades in positive territory above 1.0900 during the early Asian trading hours on Friday. The uptick of the Euro (EUR) is bolstered by the stronger-than-expected Eurozone PMI data. On Friday, market players will shift their attention to the new reading of German Gross Domestic Product for the third quarter (Q3) and US PMI data. At press time, EUR/USD is up 0.03% on the day to trade at 1.0909.


GBP/USD hovers around 1.2530 during the Asian session on Friday after pulling back from a two-month high hit at 1.2569 on Thursday. The GBP/USD pair experienced a boost from upward PMI data from the United Kingdom (UK) released on Thursday. Additionally, the Pound Sterling (GBP) found relief and made gains against the US Dollar (USD) in thin trading, benefiting from the closure of US markets during Thanksgiving.


The Japanese Yen (JPY) tickes lower following the release of softer domestic core consumer inflation figures during the Asian session on Friday, though rising bets for a Bank of Japan (BoJ) pivot act as a tailwind. The headline and core rates of inflation in Japan have been above the BoJ’s 2% target for the 19th consecutive month


The Australian Dollar struggles to continue the gains as the US Dollar recovers recent losses on Friday. However, the USD experienced a modest drop on Thursday in a low-volume session, given the closure of United States markets for Thanksgiving. 


The NZD/USD pair edges higher for the second successive day on Friday, albeit lacks bullish conviction and remains below its highest level since August 10 touched earlier this week. Spot prices currently trade around mid-0.6000s, up just over 0.10% for the day, and seem poised to register gains for the second week in a row.


USD/CAD rebounds from the weekly lows hit on Thursday, extending gains for the second consecutive day. The USD/CAD pair trades higher near 1.3710 during the Asian session ahead of Canada’s Retail Sales release on Friday.

The Canadian Dollar (CAD) witnessed downward pressure due to the decline in Crude oil prices in the previous session, which could be attributed to the unexpected delay in an upcoming OPEC+ meeting.


USD/CHF moves sideways after two days of minor gains, bidding near 0.8840 during the Asian hours on Friday. The US Dollar (USD) receives downward pressure as the market participants put their bets on the likelihood of no additional interest rate hikes by the Federal Reserve (Fed), potentially weakening the USD/CHF pair.


The oil market is closely watching the developments within OPEC+ as the group prepares for a virtual meeting on November 30 to discuss potential production cuts. This comes in the wake of a significant increase in US crude inventories and amid expectations of a Chinese stimulus that could impact demand.


Gold price posted modest gains on Thursday amid a weaker USD, albeit lacked follow-through buying and remained below the $2,000 psychological mark through the Asian session on Friday.

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