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29.11.2023 Market Report


The EUR/USD pair gains traction for the fifth consecutive day during the early European session on Wednesday. The decline of the US Dollar (USD) lends some support to the major pair.


GBP/USD gains positive traction for the fifth successive day and climbs to a fresh three-month top. Bets that the Fed is done raising rates and may start easing the policy in 2024 undermine the USD. Diminishing odds for an early BoE rate cut remain supportive of the strong follow-through move-up.


The USD/JPY pair tumbles to the 147.00 mark during the early Asian trading hours on Wednesday. The decline in the US Dollar (USD) and lower US yields drags the major pair lower to the lowest level since mid-September. USD/JPY currently trades around 147.07, down 0.28% on the day.


The AUD/USD pair edges higher to the mid-0.6600s during the early Asian session on Wednesday. A softer USD, triggered by a less hawkish stance from the Federal Reserve (Fed), lends some support to the pair. At press time, AUD/USD is trading near 0.6648, up 0.05% for the day.


NZD/USD continues its winning streak that began on Thursday, trading higher around 0.6190 during the Asian session on Wednesday. However, Reserve Bank of New Zealand (RBNZ) board members held the interest rate steady at 5.50% for the fifth meeting in its November monetary policy meeting. This decision aligns with widespread expectations in the market.


The USD/CAD pair reached a nine-week low at 1.3541 during the Asian session on Wednesday, currently trading below 1.3550. The decline in the USD/CAD pair is attributed to the accommodative remarks from US Federal Reserve (Fed) Governor Christopher Waller. Waller’s suggestion that the Federal Reserve may not insist on maintaining high interest rates if inflation consistently declines has likely contributed to the downward pressure on the Loonie pair.


The decline in the USD/CHF pair is linked to the accommodative remarks made by US Federal Reserve (Fed) Governor Christopher Waller. Waller’s suggestion that the Federal Reserve may not insist on maintaining high-interest rates if inflation consistently declines has likely played a role in the downward pressure on the US Dollar (USD) against the Swiss Franc (CHF).


Oil prices rose in Asian trade on Wednesday, extending gains from the prior session as traders bet on more production cuts being announced at an OPEC+ meeting this week.


Gold price (XAU/USD) advanced to a near seven-month peak, around the $2,052 area on Wednesday, albeit trims a part of its intraday gains heading into the European session. A modest US Dollar (USD) bounces off its lowest level since August 11 touched earlier today, along with a generally positive risk tone, caps gains for the precious metal. The commodity, however, manages to hold in positive territory for the fifth straight day – also the sixth day in the previous seven – and seems poised to appreciate further in the wake of expectations that the Federal Reserve (Fed) will no longer raise interest rates

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