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28.03.2024 Market Report


EUR/USD struggles to gain traction and continues to move in a tight channel slightly above 1.0800. The data from Germany showed that Retail Sales declined by 1.9% on a monthly basis in February, making it difficult for the Euro to attract buyers.


GBP/USD remains defensive below 1.2650 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull. 


The Japanese Yen (JPY) remains depressed against its American counterpart heading into the European session on Thursday and languishes near the lowest level since 1990 touched the previous day, though the downside seems cushioned. Japanese authorities continued their jawboning to support the domestic currency, which, along with a generally softer risk tone, helps limit losses for the safe-haven JPY. Apart from this, a modest US Dollar (USD) pullback from the vicinity of the monthly peak keeps a lid on the USD/JPY pair. 


The Australian Dollar finished Wednesday’s session virtually unchanged against the US Dollar following the Aussie’s inflation report and a scarce economic docket in the United States (US). Nevertheless, hawkish comments by Federal Reserve Governor Christopher Waller tumbled the AUD/USD as the Asian session began and traded at 0.6524, down 0.14%.


NZD/USD snaps its three-day winning streak, depreciating to near 0.5990 during the Asian hours on Thursday. The New Zealand Dollar (NZD) faces challenges due to the softer-than-expected domestic key economic figures, which in turn, undermine the NZD/USD pair.


The USD/CAD pair attracts some buyers during the Asian session on Thursday and for now, seems to have snapped a three-day losing streak, albeit lacks follow-through. Spot prices remain below the 1.3600 mark as traders look to important macro data from the US and Canada for some meaningful impetus.


The USDCHF continues to trend higher within the broader bull-channel and hit new multi-week high (the highest since Nov 2) on Wednesday.

Larger bulls accelerated after surprise rate cut by SNB last week, which increased pressure on Swiss franc and continues to weigh, with sustained break above psychological 0.90 barrier, adding to pair’s bullish stance.


Oil prices could rally to $100 a barrel as soon as September following Russia’s shift to cut production, though the U.S. is likely to tap its emergency oil reserves to keep a lid on prices.


Gold price is duplicating the move seen in Wednesday’s Asian trading, as it edges lower below $2,200 early Wednesday. Gold capitalizes on sustained US Dollar strength and a rebounding US Treasury bond yields struggle, as traders take account of the latest hawkish US Fed commentary.

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