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11.01.2024 Market Report


EUR/USD is consolidating gains below 1.10000 in early Europe on Thursday. The pair receives support as the US Dollar faces challenges due to a risk-on market mood ahead of the critical US Consumer Price Index (CPI) data release.


GBP/USD is extending gains toward 1.2800 in the early European trading hours on Thursday. A broadly weaker US Dollar and risk flows are helping the pair gain ground. Traders await the December US Consumer Price Index data for fresh impetus.


The USD/JPY witnessed a notable upswing in Wednesday’s trading, reaching 145.80 and approaching the key resistance level of 146.00 as markets gear up for Thursday’s Asia market session. This upward movement is attributed to a significant depreciation of the Japanese Yen (JPY) across the market, sparked by disappointing Japanese wage figures released earlier in the day. Consequently, the Yen is undergoing a decline across various market segments mid-week.


The AUD/USD pair extends the range-bound theme around the 0.6700 mark during the early Asian session on Thursday. Investors await the release of the Australian Trade Balance report on Thursday ahead of US inflation data, as measured by the Consumer Price Index (CPI). AUD/USD currently trades near 0.6699, gaining 0.04% on the day.  


NZD/USD snaps a two-day losing streak on Thursday, improving to near 0.6240 during the Asian session. The New Zealand Dollar (NZD) moves on an upward trajectory despite a leading housing market indicator showing a decline in the number of permits for new construction projects in the country.


The USD/CAD pair drops to near 1.3360 after failing to sustain above the crucial mark of 1.3400. The Loonie asset continues to struggle as demand for safe-haven assets has dampened due to improved risk-appetite of the market participants.


USD/CHF moves on a downward trajectory for the second successive day, trading near 0.8510 during the European hours on Thursday. The USD/CHF pair encounters difficulties as investors shift their focus away from the US Dollar (USD), possibly due to speculation about five interest rate cuts by the Federal Reserve (Fed) in 2024.


Oil prices moved little in Asian trade on Thursday after official data showed an unexpected weekly build in U.S. inventories, while traders also remained on edge before key U.S. inflation data.


Gold price is attempting a bounce in Asian trading early Thursday, having found fresh demand again near the $2,020 region. Gold buyers are retesting their luck, as all eyes turn toward the US Consumer Price Index (CPI) inflation data due at 13:30 GMT.   

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