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04.01.2024 Market Report


EUR/USD attempts to retrace its recent losses, trading near 1.0920 during the early European hours on Thursday. The pair faced downward pressure as the US Dollar strengthened, driven by a market shift towards caution amid concerns about global growth at the close of 2024.


The GBP/USD pair fails to capitalize on the previous day’s modest recovery from the vicinity of the 1.2600 mark, or a near three-week low and oscillates in a narrow band on Thursday. Spot prices trade around the 1.2660 region, nearly unchanged for the day.


The USD/JPY rises sharply during the North American session after economic data from the United States (US) prompted investors to extend the US bond sell-off, as the US 10-year bond yield is back above the 4% threshold. Therefore, the major is prolonging its gains of more than 1.20%, trading at 143.66.


The AUD/USD dropped to a nine-day low of 0.6701 and extended its losses to four straight days, courtesy of broad US Dollar (USD) strength across the board. US economic data revealed on Wednesday, alongside the release of “hawkish” meeting minutes by the Federal Reserve, kept the pair downward pressured, trading at around 0.6724 and losing close to 0.50%.


The NZD/USD pair extends its downside below the mid-0.6200s during the early Asian trading hours on Thursday. The downtick of the pair is bolstered by the stronger US Dollar (USD). In the absence of economic data released from the New Zealand docket, the NZD/USD pair remains at the mercy of USD price dynamics. The pair currently trades near 0.6242, losing 0.04% on the day.


USD/CAD snaps its five-day winning streak, trading lower near 1.3340 during the Asian session on Thursday. The Canadian Dollar (CAD) receives upward support on improved Crude oil prices.


USD/CHF extends its losses for the second successive session on Thursday, trading lower near 0.8480 during the Asian trading hours. The USD/CHF pair experiences downward pressure despite improved US Dollar (USD), which could be attributed to the intervention in the foreign exchange market from the Swiss National Bank (SNB).


Oil prices rose on Thursday, adding to solid gains in the previous session on persisting concerns over Middle Eastern supply following disruptions at a field in Libya and heightened tension around the Israel-Gaza war.


Gold price dived to a one-and-half-week low on Wednesday in the wake of rising US Treasury bond yields and a stronger US Dollar. The US bond yields, however, started losing traction after minutes of the December 12-13 FOMC meeting reflected a consensus among policymakers that inflation is under control.

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