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06.03.2024 Market Report


EUR/USD is picking up fresh bids above 1.0850 in European trading on Wednesday, as the US Dollar licks its wounds amid a cautiously optimistic market mood ahead of Fed Chair Powell’s testimony and US jobs data. EU Retail Sales report is eyed as well. 


GBP/USD retraces daily losses and seems to continue its winning streak, hovering around 1.2700 during the Asian trading session before the UK Chancellor Jeremy Hunt’s Budget Report on Wednesday. 


The USD/JPY lost traction during the late-North American session, edged down 0.30%, and exchanged hands at 150.08 after reaching a weekly high of 150.57 on Monday.


The AUD/USD finished Tuesday’s session with minimal losses of 0.06% after hitting a daily high of 0.6521 amid soft business activity data in the United States (US), revealed by S&P Global and the Institute for Supply Management (ISM). At the time of writing the pair exchanges hands at 0.6495.


NZD/USD has recovered intraday losses and strives to move into positive territory, trading around 0.6090 during the Asian session on Wednesday. It is situated just below the 0.6100 barrier.


The USD/CAD pair remains capped under the 1.3500 barrier during the early European session on Wednesday. Market players await the Bank of Canada (BoC) interest rate decision and press conference later in the day. The Canadian central bank is widely expected to hold its key interest rate at 5.0% at its March meeting, and financial markets anticipate the first rate cut to come in around June. USD/CAD currently trades near 1.3583, down 0.08% on the day. 


The USD/CHF pair rises slightly above 0.8850 in Wednesday’s European session as investors turn cautious ahead of the Federal Reserve (Fed) Chair Jerome Powell’s testimony before Congress on Wednesday and the United States Nonfarm Payrolls (NFP) data later this week.


Oil prices rebounded slightly on Wednesday after extended declines as signs of supply tightness amid output cuts by major producers overrode demand growth concerns in China and the U.S., the world’s two biggest crude consumers.


Gold price edges lower during the Asian session on Wednesday and reverses a part of the previous day’s positive move back closer to the all-time high reached in December 2023. The downtick could be attributed to some profit-taking amid extremely overbought conditions on the daily chart.

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