Pre Loader

08.03.2024 Market Report


EUR/USD is retreating from two-month highs near 1.0950 in the European morning on Friday. The pair rallied on Thursday, bolstered by prospects of movement from the ECB and an easing US Dollar on the back of a dovish tone from Fed Chair Jerome Powell. US NFP coming up next. 


GBP/USD seems to continue its winning streak that began on March 1, hovering around 1.2810 during the Asian session on Friday. The GBP/USD pair receives upward support as the US Dollar faces challenges on improved risk appetite amid lower US Treasury yields.


The USD/JPY pair drops to fresh five-week lows below the 148.00 mark during the early Asian trading hours on Friday. A weaker US Dollar (USD) and growing speculation that the Bank of Japan (BoJ) will exit from an ultra-loose monetary policy stance lift the Japanese Yen (JPY) and exert some selling pressure on the USD/JPY. At press time, the pair is trading at 147.70, down 0.26% on the day. 


The Australian Dollar rallied against the US Dollar in late trading on Thursday after Fed Chair Jerome Powell’s second day of testimony before the US Congress. The AUD/USD trades above the 0.6600 figure, posting gains of 0.82% as investors look for the Fed’s first rate cut.


The NZD/USD pair gains momentum above the mid-0.6100s during the early Asian session on Friday. The uptick of the pair is supported by the sell-off of the US Dollar Index (DXY) below the 103.00 mark for the first time since early February. Investors will closely monitor the highly-anticipated US Nonfarm Payrolls (NFP) due on Friday. This event could trigger volatility in the market. At press time, NZD/USD is trading at 0.6175, up 0.01% on the day.


USD/CAD extends its losses for the third consecutive session on Friday, trading lower to near 1.3450 during the Asian hours. Market participants look forward to the labor data from Statistics Canada on Friday. February’s Unemployment Rate is expected to increase by 5.8% against 5.7 prior. Net Change in Employment is anticipated to print 20K against the previous figure of 37.3K.


The USD/CHF pair trades in negative territory below the 0.8800 mark during the Asian session on Friday. All eyes are on the US Nonfarm Payrolls (NFP) report due later on Friday. However, the cautious mood in the market might lift the safe-haven Swiss Franc (CHF) against the US Dollar (USD). At press time, USD/CHF is trading at 0.8775, down 0.03% on the day. 


Oil prices rose on Friday, driven by growing demand in the world’s biggest consumers, the United States and China, while the U.S. Federal Reserve gave a positive signal on the possibility of rate cuts.


Gold price gains momentum around $2,165 amid the softer US Dollar, adding 0.12% on the day. The dovish comments from central bank policymakers and safe-haven flows boost the demand for gold. 

Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.