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23.02.2024 Market Report


EUR/USD consolidates following a volatile session prompted by the release of European and US Purchasing Managers Index (PMI) data on Thursday. The Euro (EUR) stabilized as investors processed the mixed figures concerning private business activity in the European Union (EU). The pair gets buoyed around 1.0820 during the Asian trading hours on Friday.


The GBP/USD pair posts modest gains above the mid-1.2600s during the early Asian trading hours on Friday. The decline of the US Dollar (USD) provides some support to the major pair. At press time, GBP/USD is trading at 1.2663, adding 0.02% on the day. 


The Japanese Yen attracts some buyers amid geopolitical risks and intervention fears. Fading hopes for an imminent shift in the BoJ’s policy stance might cap further gains. The Fed’s higher-for-longer narrative underpins the USD and lends support to USD/JPY.


AUD/USD is advancing toward 0.6600 in Asian trading on Friday. Persistent US Dollar softness and an upbeat market mood support the pair’s upside. Hawkish Fedspeak fails to inspire the US Dollar amid mixed economic data. 


The NZD/USD pair snaps the seven-day winning streak below the 0.6200 mark during the early Asian session on Friday. The downtick of the pair is supported by the decline in New Zealand Retail Sales for the fourth quarter (Q4) despite the correction of Greenback. The pair currently trades around 0.6194, down 0.09% on the day. 


USD/CAD remains silent with a bias towards extending its losses for the third successive session, hovering around 1.3480 during the Asian session on Friday. The USD/CAD pair loses ground as the US Dollar (USD) remains subdued amidst speculation of potential interest rate cuts by the Federal Reserve (Fed). Additionally, the Canadian Dollar (CAD) received upward support following the release of mixed Retail Sales data from Canada on Thursday.


The USD/CHF pair ticks higher during the Asian session on Friday, albeit lacks bullish conviction and remains confined within the previous day’s broader range. Spot prices currently trade around the 0.8800 mark, comfortably above a one-and-half-week low touched on Thursday and remain at the mercy of the US Dollar (USD) price dynamics.


Oil prices fell on Friday after a U.S. Fed official said interest rate cuts should be delayed at least two more months.


Gold price is replicating the same moves seen in Thursday’s Asian trading, as buyers attempt another run toward the key contention level of $2,033 early Friday. The US Dollar continues to display a subdued momentum, despite the hawkish Fedspeak and positive US Treasury bond yields.

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