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31.05.2024 Market Report


The EUR/USD pair weakens to 1.0820 during the early European trading hours on Friday. Investors prefer to wait on the sidelines ahead of the German Retail Sales and the US Core Personal Consumption Expenditures Price Index data, which are due later on Friday.


GBP/USD edges higher near 1.2730 during the early Friday. The USD Index faces some selling pressure, and this provides some support to the major pair. Investors will closely monitor the US Core Personal Consumption Expenditures Price Index for April.


The Japanese Yen (JPY) gained ground after the Tokyo Consumer Price Index (CPI) data by the Statistics Bureau of Japan was released on Friday. The year-over-year CPI increased to 2.2% in May, up from the previous 26-month low of a 1.8% rise.


The Australian Dollar (AUD) moves sideways after lower-than-expected NBS Purchasing Managers Index (PMI) data was released from China on Friday. Given the close trade relationship between Australia and China, any changes in the Chinese economy can significantly impact the Australian market. However, the AUD/USD pair had gained ground earlier in the day as the US Dollar (USD) struggled due to a slowdown in the US economy.


NZD/USD continues its losing streak for the fourth consecutive day on Friday. The pair trades around 0.6100 during European hours, following the release of the Yearly Budget by the New Zealand Treasury. According to the official transcript from the New Zealand Government’s website (, Finance Minister Nicola Willis stated that Budget 2024 outlines the Government’s plan to rebuild the economy, ease the cost of living, improve health and education services, and restore law and order.


USD/CAD halts its recent losses, trading around 1.3690 during the Asian session on Friday. US Dollar (USD) rebounds ahead of the Federal Reserve’s preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index, which will be released on Friday.


Swiss franc advanced nearly 1% until early US trading, marking the biggest one-day gain since late December, underpinned by better than expected Swiss Q1 GDP numbers and comments from SNB chief Jordan, who pointed to small upward risk to inflation forecast and faded expectations for another rate cut in June.


Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market.


Gold price is consolidating the previous bounce but remains confined in a narrow range near $2,350 early Friday. Gold price awaits the highly anticipated US Core Personal Consumption Expenditure Price Index, the Federal Reserve’s preferred inflation measure, for a fresh directional impetus.

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