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28.12.2023 Market Report


EUR/USD is holding minor bids above 1.1100, retreating from multi-month highs in European trading on Thursday. The pair’s uptrend is helped by the anticipated dovish Fed stance on the interest rate trajectory. US Jobless Claims data awaited. 


GBP/USD is posting small gains above the 1.2800 level in early European trading hours on Thursday. The persistent US Dollar weakness on increased dovish Fed pivot bets support the pair. US Jobless Claims data eyed amid quiet markets. 


USD/JPY continues its losing streak for the second straight session, trading lower around 141.30 during the Asian hours on Thursday. The improved Japanese trade data for November put pressure on the USD/JPY pair. However, the less aggressive remarks from the Bank of Japan (BoJ) Governor Kazuo Ueda could weigh on the Japanese Yen (JPY).


The AUD/USD pair extends its upside and faces a resistance level near 0.6850 during the early Asian session on Thursday. The uptick of the pair is bolstered by the softer US Dollar (USD) to its lowest level since July. The market is likely to trade in a quiet session in the last week of 2023. AUD/USD currently trades near 0.6845, up 0.02% on the day.


The NZD/USD pair trades on a stronger note above the 0.6350 area. The upward momentum of the pair is supported by the weaker US Dollar (USD) and risk appetite amid the thin trading volume in the last week of 2023. At press time, NZD/USD is trading at 0.6360, up 0.34% for the day.


The USD/CAD pair trades in negative territory for the third consecutive week during the early European session on Thursday. The downward momentum of the pair is backed by the softer US Dollar (USD) and the lower US Treasury bond yields. The last week of 2023 is likely to be quiet as traders turn to holiday mode. At press time, USD/CAD is trading at 1.3204, losing 0.02% on the day.


USD/CHF posted an all-time low at 0.8394 during the Asian trading hours on Thursday, trading around 0.8400 at the time of writing. The USD/CHF faces challenges due to the weaker US Dollar (USD). The escalated geopolitical situation in the Middle East is fostering risk aversion, leading to an increase in demand for the safe-haven Swiss Franc (CHF).


Oil prices steadied on Thursday after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise.


Gold price gains ground toward $2,100 as the US Dollar extends weakness into early Europe on Thursday. The improved risk appetite due to the potential for rate cuts by the Fed in Q1 2024, is lending support to the bright metal ahead of the US jobs data. 

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