Market Updates

Market Update - 30 November 2023

Publish date: Thu, 30 Nov 2023, 05:19 PM
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Market Updates

The EUR/USD pair trades with modest intraday losses during the early European session on Thursday. The pair currently trades near 1.0970 after retreating from nearly four-month highs of 1.1017. Market players await the Italian, French, and Eurozone inflation data on Thursday. The Eurozone Harmonized Index of Consumer Prices (HICP) is estimated to grow 3.9% YoY in November from the previous reading of 4.2%. (FXStreet)

GBP/USD struggles to continue its winning streak that began on November 23, treading water around 1.2700 during the Asian session on Thursday. However, the GBP/USD pair marked a three-month high at 1.2733 on Wednesday on a softer US Dollar (USD). (FXStreet)

USD/CHF moves on a five-session losing streak, primarily driven by US Dollar (USD) weakness and subdued US Treasury yields. The pair is trading near 0.8730 during the Asian session on Thursday. (FXStreet)

USD/CAD gains ground for the second consecutive session, maintaining its position near the 1.3600 psychological level during the European session on Thursday. A decisive breakthrough above the latter could open the doors for the USD/CAD pair to explore the barrier around 23.6% Fibonacci retracement at 1.3623 aligned with the seven-day Exponential Moving Average (EMA) at 1.3626. (FXStreet)

NZD/USD extends its gains for the sixth successive day, trading higher around 0.6170 during the early European session on Thursday. The NZD/USD pair reached near four-month highs on Wednesday on subdued US Dollar (USD). However, the Greenback experienced strength from upbeat Gross Domestic Product Annualized data, which indicated a growth of 5.2%, surpassing the anticipated increase of 5.0% in Q3. (FXStreet)

USD/MXN recovers its intraday losses on Wednesday. trading higher around 17.3000. The recovery in the US Dollar (USD) could be extended due to the upbeat US Gross Domestic Product Annualized data for Q3 showed robust growth at 5.2%, surpassing the anticipated 5.0%. (FXStreet)

Indian Rupee (INR) drifts higher on Thursday as dovish comments from Federal Reserve (Fed) officials undermine the US Dollar demand. Asia's third-largest economy grew at 7.8% in the first quarter of the current fiscal year. India’s GDP number for the second quarter are scheduled to be released later in the day and is expected to grow at 6.8% in the July–September quarter compared with a year earlier. (FXStreet)

On Thursday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1018 as compared to the previous day's fix of 7.1031 and  7.1273 Reuters estimates. (FXStreet)

West Texas Intermediate (WTI) Crude Oil prices struggle to capitalize on the weekly gains registered over the past two days and oscillate in a narrow band during the Asian session on Thursday. The commodity currently trades around the $77.75-$77.80 region, nearly unchanged for the day and just below a one-week high touched on Wednesday, as traders remain on the sidelines ahead of the OPEC+ meeting later today. (FXStreet)

Gold price hovers lower around $2,040 per troy ounce during the Asian session on Thursday. The yellow metal has retreated from the six-month high it reached at $2,052 on Wednesday. The pullback in Gold's price suggests a shift in market sentiment or profit-taking after the recent rally. (FXStreet)

Source: FXStreet, DailyFX

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

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