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13.02.2024 Market Report


EUR/USD is keeping its range trade intact below 1.0800 in the European session on Tuesday. The US Dollar is losing ground, despite a cautious mood and positive US Treasury bond yields, capping the downside in the pair. German ZEW and US CPI report are eagerly awaited. 


GBP/USD edges higher toward 1.2650 in the European morning on Tuesday. The data from the UK showed that the ILO Unemployment Rate declined to 3.8% in December, while the annual wage inflation softened to 6.2% from 6.7%.


USD/JPY continues its upward trajectory, nearing 149.50 during Tuesday’s Asian trading session. The Japanese Yen (JPY) weakens against the US Dollar (USD) amid market apprehension regarding rate hikes following the Bank of Japan’s (BoJ) departure from its ultra-dovish monetary policy stance.


The AUD/USD begins the Asian session below its opening price by 0.05% after clocking minimal gains of 0.12% on Monday. A scarce economic calendar kept investors turned to Federal Reserve official’s comments, US Treasury yields, and market sentiment, with traders awaiting US inflation figures. At the time of writing, the pair trades at 0.6529 after hitting a weekly high of 0.6543.


NZD/USD continues to decline for the second consecutive session, reaching near 0.6110 during the Asian trading session on Tuesday. The New Zealand Dollar (NZD) faces pressure against the US Dollar (USD), partly due to lower Kiwi inflation expectations in the first quarter. RBNZ Inflation Expectations (QoQ) increased by 2.5%, down from the previous reading of 2.7%.


USD/CAD breaks a five-day declining trend as the US Dollar (USD) strengthens, with traders adopting a cautious stance ahead of the release of United States (US) inflation data scheduled for Tuesday. During the Asian session, the USD/CAD pair trades higher around 1.3460.


USD/CHF retreats to around 0.8730 during the early European hours on Tuesday. This decline in the pair is attributed to the weakening of the US Dollar (USD). Despite hawkish remarks from Federal Reserve (Fed) officials, the US Dollar faces downward pressure amid prevailing risk-on sentiment in the market.


Oil prices rose slightly on Tuesday on fears Middle East tensions could disrupt supply, but uncertainty about the pace of potential U.S. interest rate cuts and the ensuing impact on fuel demand capped gains.


Gold is rebounding above $2,020 in European trading on Tuesday. Gold price is capitalizing on a renewed US Dollar weakness, although the further upside appears elusive ahead of the all-important US CPI inflation data release. 

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