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20.03.2024 Market Report


EUR/USD attracts some buyers and moves away from a two-week low set on Tuesday. The technical setup warrants some caution for bullish trades ahead of the Fed decision. A sustained break below the 1.0835 confluence should pave the way for deeper losses.


GBP/USD trims intraday losses and attempts to snap its losing streak on Wednesday. The pair hovers near 1.2720 during the Asian trading hours. The market adopts cautious sentiment ahead of the Federal Reserve’s interest rate decision later in the North American session.


The Japanese yen weakened substantially against its peers on Tuesday and Wednesday, as an interest rate hike by the Bank of Japan was largely overshadowed by the central bank reiterating its dovish outlook for the near-term. 


The Australian Dollar begins Wednesday’s Asian session virtually unchanged against the US Dollar,  following Tuesday’s loss of 0.41%, after the Reserve Bank of Australia (RBA) decision. The RBA kept rates unchanged, tilting more dovish than expected. That said, the AUD/USD trades at 0.6532, almost flat.


The NZD/USD pair registered a decline of 0.54%, falling towards 0.6050 in Tuesday’s session. Earlier in the session, indicators reached oversold conditions on the hourly chart, and ahead of the Asian session, the pair seems to be consolidating


The USD/CAD pair gains momentum above the mid-1.3500s during the early Asian trading hours on Wednesday. The uptick of the pair is bolstered by the firmer US Dollar (USD) and cooler-than-expected Canadian Consumer Price Index (CPI) inflation data. Investors will closely monitor the Federal Reserve interest rate decision on Wednesday, with no change in rate expected. At the press time, the pair is trading at 1.3578, up 0.09% on the day. 


USD/CHF climbs towards 0.8890 during the Asian hours on Wednesday, driven by higher US Treasury yields.


Oil prices edged lower on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in the previous session.


Gold price is replicating the move seen during Tuesday’s Asian trading early Wednesday, as buyers hold their breath after the previous late rebound. The US Dollar is consolidating the ongoing uptrend even as the US Treasury bond yields see a modest retreat from multi-day highs.

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