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28.11.2023 Market Report


EUR/USD is battling 1.0950, retreating from near three-month high of 1.0965 early Tuesday. The pair faces some selling pressure, as the US Dollar finds its feet amid a mixed market sentiment and ahead of a slew of Fedpseak. Speeches from ECB officials also remain in focus. 


GBP/USD is holding steady above 1.2600, having retested the two-month high of 1.2644 set on Monday. The pair maintains its upward trajectory, as the USD licks its wounds amid sluggish US Treasury bond yields. All eyes remain on the Fedspeak for fresh trading impetus.


The Japanese Yen (JPY) strengthened to a one-week top against the US Dollar (USD) during the first half of trading on Tuesday, albeit trims a part of its intraday gains to sub-148.00 levels. A generally positive tone around the Asian equity markets turns out to be a key factor undermining the safe-haven JPY. Apart from this, a modest US Dollar (USD) recovery from a near three-month low, supported by an uptick in the US Treasury bond yields, assists the USD/JPY pair to bounce back closer to mid-148.00s during the early European session. 


The AUD/USD pair extends the rally above the 0.6600 psychological level during the early Asian session on Tuesday. The pair has reached its highest level since early August amid the US Dollar (USD) weakness. At press time, AUD/USD is trading around 0.6605, down 0.02% on the day.


The NZD/USD pair holds above the 0.6100 psychological mark during the early Asian session on Tuesday. The uptick of the pair is bolstered by the US Dollar (USD) weakness. The highlight of this week will be the Reserve Bank of New Zealand (RBNZ) monetary policy meeting on Wednesday. NZD/USD currently trades near 0.6103, gaining 0.07% on the day.


USD/CAD extends its losses for the third consecutive session, trading lower around 1.3600 psychological level during the Asian session on Tuesday. The rebound in Crude oil prices and positive market sentiment provide some support for the Canadian Dollar (CAD).


USD/CHF trades above the 0.8800 psychological level during the Asian session on Tuesday, rebounding from the three-month low at 0.8793. The USD/CHF pair struggles to halt the losses due to the weaker US Dollar (USD) following the likelihood of the US Federal Reserve (Fed) to conclude its monetary rate hike cycle. Additionally, investors price in nearly 85 basis points of interest rate cuts by the Fed in the next year.


Oil prices rose slightly on Tuesday due to a weak dollar, and expectations that the OPEC+ producer group would deepen and extend output cuts due to fears demand would remain subdued.


Gold price trades with a positive bias for the fourth straight day, near a multi-month peak. Bets that the Fed is done raising rates and start easing its policy in 2024 remain supportive.

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