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30.04.2024 Market Report


The EUR/USD pair meets with some supply during the Asian session on Tuesday and erodes a part of the previous day’s gains amid the emergence of fresh US Dollar (USD) buying. Spot prices, however, remain in a familiar range held over the past week or so and currently trade around the 1.0700 round-figure mark.


The GBP/USD pair consolidates its gains near 1.2560 during the early Asian session on Tuesday. The recovery of the major pair is supported by a falling US Dollar Index (DXY) to 105.65. On Wednesday, the Federal Open Market Committee’s (FOMC) interest rate decision will take center stage ahead of the release of April’s Nonfarm Payrolls (NFP) on Friday.


USD/JPY is trading close to 157.00, staging a solid rebound in the Asian session on Tuesday. The pair reverses a part of heavy losses incurred on Monday after the Japanese Yen rallied hard on probable FX market intervention by Japan’s authorities. Poor Japan’s jobs and Retail Sales data weigh on the Yen.


AUD/USD is extending losses toward 0.6500, hit by an unexpected drop in the Australian Retail Sales for March while China’s NBS April PMI data came in mixed. Upbeat China’s Caixin Manufacturing PMI data failed to lift the Aussie Dollar amid a softer risk tone and the US Dollar rebound. 


NZD/USD retraces its recent gains, trading around 0.5950 during the Asian session on Tuesday. The rebound in the US Dollar (USD) undermines the NZD/USD pair, which could be attributed to the hawkish remarks from US Federal Reserve (Fed) officials, indicating no immediate need for rate cuts.


The USD/CAD pair posts modest gains around 1.3665 on Tuesday during the early Asian trading hours. A modest rebound of the US Dollar (USD) provide some support to the pair. Meanwhile, the decline in oil prices weighs on the commodity-linked Loonie. Investors will keep an eye on the Canadian February Gross Domestic Product (GDP) growth number. The attention will shift to the Federal Open Market Committee’s (FOMC) interest rate decision on Wednesday.


USD/CHF retraces its recent gains that registered on Friday, trading around 0.9120 during the European session on Tuesday. The US Dollar (USD) depreciates, possibly reflecting a shift toward a risk-on sentiment, which undermines the USD/CHF pair.


Oil edged down on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanded conflict in the Middle East, while worries about the outlook for U.S. interest rates weighed on the market.


Gold price remains confined in a narrow range as traders prefer to wait on the sidelines. Reduced Fed rate cut bets revive the USD demand and act as a headwind for the metal. Investors now await the FOMC decision and US macro data before placing directional bets.

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