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15.02.2024 Market Report


EUR/USD is holding lower ground while eyeing the 1.0700 mark in European trading on Thursday. The US Dollar struggles amid mixed Fedspeak, as traders await the US Retail Sales report for fresh policy hints. Ahead of that, ECB Lagarde’s speech is eagerly awaited. 


GBP/USD remains on the defensive above 1.2550 in the European morning on Thursday. The pair upside is likely to be limited, backed by the softer UK inflation data. Traders will closely monitor the UK GDP for Q4 and US Retail Sales for a fresh directional impetus. 


The USD/JPY retreats after peaking at around the 150.80s area and drops toward the 150.50s area late in the North American session as US Treasury bond yields retrace after hitting year-to-date (YTD) high.


The Aussie Dollar recovered some ground on Wednesday and climbed 0.55% against the US Dollar, courtesy of falling US Treasury bond yields and risk appetite improvement. The AUD/USD consolidated at around the 0.6450-0.6490s area, and as Thursday’s session began, the pair exchanged hands at 0.6490.


The NZD/USD pair posts modest gains during the early Asian session on Thursday. The USD Index (DXY) retreats from the three-month highs near the 105.00 barrier, supported by the improvement in the risk complex, which provides some support to the pair. The Reserve Bank of New Zealand’s (RBNZ) Governor Orr’s speech on Friday could offer fresh catalysts for the Kiwi. At press time, NZD/USD is trading at 0.6085, adding 0.02% on the day.


USD/CAD makes an effort to recover its recent declines observed in the previous session, spurred by a muted US Dollar (USD) possibly due to decreased US bond yields. The pair is hovering around 1.3540 during the Asian session on Thursday. Additionally, the drop in Crude oil prices might exert downward pressure on the Canadian Dollar (CAD), consequently providing support for the USD/CAD pair.


USD/CHF maintains its downward trajectory, trading lower around 0.8850 during Thursday’s Asian session. The US Dollar (USD) faces depreciation against the Swiss Franc (CHF) as US Treasury yields decline, driven by improved risk appetite. At the time of writing, the 2-year and 10-year US yields stand at 4.56% and 4.23%, respectively.


Oil prices fell on Thursday after a larger-than-expected jump in U.S. crude inventories, raising concerns about demand in the world’s largest economy and top oil consuming nation.


Gold price remains confined in a range just above a two-month low touched on Wednesday. Delayed Fed rate cut bets underpin the USD and act as a headwind for the non-yielding metal. Geopolitical tensions in the Middle East help to limit the downside for the safe-haven XAU/USD.

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