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22.03.2024 Market Report


EUR/USD extends its downside to three-day low around 1.0840 in the late Asian session on Friday. The major currency pair is expected to witness as appeal for safe-haven assets improve after the Swiss National Bank surprisingly cut interest rates by 25 bps to 1.50% on Thursday.


The GBP/USD pair faces rejection near the 1.2700 mark and holds above the mid-1.2700s during the early Friday. The downtick of the major pair is backed by the stronger US Dollar and the dovish tilt of the Bank of England.


The USD/JPY pair finds support after correcting to near 150.27 in the early Asian session on Friday. The asset rebounds as the US Dollar recovers after refreshing a five-day low. The US Dollar Index (DXY) bounces back from 103.17 as the Federal Reserve’s (Fed) latest economic projections showed that the United States growth rate for 2024 was revised higher to 2.1% from 1.4% forecasted in December’s policy meeting.


The Australian Dollar (AUD) tumbled against the US Dollar (USD) on Thursday despite refreshing weekly highs at 0.6634, printed losses of 0.25%. However, as Friday’s Asian session begins, the AUD/USD exchanges hands at 0.6571, virtually unchanged as traders brace for the weekend.


NZD/USD continues to lose ground on the second consecutive session on a stronger US Dollar (USD), which could be attributed to mixed data from the United States (US). The NZD/USD pair inches lower to near 0.6020 during the Asian trading hours on Friday.


The USD/CAD pair trades on a weaker note above the 1.3500 mark during the early Asian trading hours on Friday. The decline of the US Dollar (USD) below the 104.00 mark weighs on the pair. At the press time, USD/CAD is trading at 1.3523, losing 0.05% on the day. 


The USDCHF jumped 1% in early European session on Thursday, following a surprise decision of the Swiss National Bank to cut interest rates by 25 basis points, as markets widely expected the central bank to keep rates unchanged in today’s policy meeting.


Oil prices fell in Asian trade on Friday, and were set for a muted finish to the week as reports of renewed calls for a Israel-Hamas ceasefire pointed to fewer supply disruptions in the Middle East.


Gold price edges lower on Friday amid some follow-through US Dollar buying interest. The Fed’s projected three rate cuts in 2024 will likely cap the USD and limit losses for the metal. Traders look forward to Fed Chair Jerome Powell’s speech for short-term opportunities.

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