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30.11.2023 Market Report


EUR/USD is struggling below 1.1000, as the US Dollar clings to recovery gains in Asian trading hours on Thursday. Wednesday’s softer-than-expected German and Spain inflation data weighed on the Euro. Investors await the Eurozone inflation data on Thursday for fresh impetus. 


The GBP/USD pair attracts some buyers below the 1.2700 psychological mark during the early Asian session on Thursday. That being said, the softer US Dollar offers some support to the major pair. GBP/USD is trading near 1.2695, up 0.02% on the day.


The USD/JPY drifted lower in the back half of Wednesday’s trading session after hitting an intraday peak just above 147.80. The pair closed out the midweek session near where it started, close to the 147.00 handle.

Japan’s Retail Trade figures are due early in the Pacific trading session, and markets are forecasting a slight uptick in retail trade, with annualized Retail Trade in October expected to tick up from 5.8% to 5.9%. Japanese Industrial Production for the month of October is also expected to improve from 0.5% to 0.8%, and markets will be looking for a healthy print in Japanese Large Retailer Sales for October, which last came in at an even 5.0% in September.


The AUD/USD pair loses traction to 0.6620 after retracing from its highest level in almost four months during the early Asian session on Thursday. The downtick of the pair is backed by the recovery of the US Dollar (USD) on diverging Federal Reserve (Fed) official comments on future rate hikes.


The NZD/USD pair attracts some dip-buying during the Asian session on Thursday and stalls the previous day’s late pullback from levels just above the 0.6200 mark, or a four-month peak. Spot prices currently trade around the 0.6170 region, up for the sixth straight day, and seem poised to prolong its recent well-established uptrend witnessed over the past month or so.


USD/CAD seems to retrace its recent gains from the previous session, hovering around 1.3580 during the Asian session on Thursday. The Canadian Dollar (CAD) experiences upward support due to the weaker US Dollar (USD), coupled with improved Crude oil prices.


USD/CHF moves on a five-session losing streak, primarily driven by US Dollar (USD) weakness and subdued US Treasury yields. The pair is trading near 0.8730 during the Asian session on Thursday.


Oil was little changed on Thursday as investors remained cautious ahead of expected production cuts by the OPEC+ group and as weaker-than-expected Chinese factory data underscored slowing growth in the world’s second largest economy.


Gold price is consolidating the previous pullback from six-month highs of  $2,052 in Asian trading on Wednesday, treading water amid the end-of-the-month flows while awaiting the critical United States (US) Core Personal Consumption Expenditures (PCE) Price index data.

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