Market Updates

Market Update - 01 December 2023

newsroom
Publish date: Fri, 01 Dec 2023, 05:14 PM
newsroom
0 579
Market Updates


The EUR/USD pair finds some support near 1.0880 and then rebounds above the 1.0900 mark during the early European session on Friday. The recovery of the pair is bolstered by the softer US Dollar (USD) despite Eurozone inflation coming in worse than market expectations. The major currently trades around 1.0907, up 0.20% on the day. (FXStreet)

GBP/USD recovers its recent losses registered in the previous session, trading higher around 1.2650 during the Asian session on Friday. The GBP/USD pair strengthened on weaker US Dollar (USD) amid downbeat US Treasury yields. Additionally, Bank of England (BoE) officials have been sending hawkish signals throughout the week, providing a boost to the Pound Sterling (GBP). There is an estimate that the BoE will maintain higher interest rates for an extended period, especially considering that inflation is currently more than twice the central bank's target. (FXStreet)

USD/CHF hovers near 0.8750 during the Asian session on Friday, retracing its gains registered on Thursday. The decline in the US Dollar (USD) weighs on the USD/CHF pair following the likelihood of ending the interest rate hike by the US Federal Reserve (Fed). (FXStreet)

USD/CAD extends its losses for the second successive day, trading lower around 1.3530 during the European session on Friday. The weakened US Dollar (USD) exerts pressure and undermines the pair. Furthermore, the rebound in WTI prices could provide support to the Canadian Dollar (CAD), consequently putting downward pressure on the USD/CAD pair. (FXStreet)

NZD/USD trims its intraday gains, still trading higher near 0.6160 during the Asian session on Friday. The NZD/USD pair received upward support as the US Dollar (USD) drifted lower on the back of subdued US bond yields. Additionally, New Zealand’s Roy Morgan Consumer Confidence released for November by the ANZ, showed that consumer confidence improved to 91.9 from 88.1 prior. The improved data could have supported the Kiwi pair’s strength. (FXStreet)

USD/MXN snaps a two-day winning streak on the back of the weaker Greenback amid downbeat US Treasury yields, trading around 17.30 during the European session on Friday. The likelihood of ending the interest rate hike by the Federal Reserve drags the US yields downward. Furthermore, the US Dollar (USD) might have found support in recent US data. (FXStreet)

The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Friday at 7.1104 as compared to the previous day's fix of 7.1018 and  7.1458 Reuters estimates. (FXStreet)

West Texas Intermediate (WTI) recovers the recent losses, trading higher around $75.90 per barrel. Crude oil prices see an improvement, propelled by a weaker US Dollar (USD). However, the WTI price faced losses following the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to implement voluntary output cuts, smaller than expected, for the first quarter of 2024. (FXStreet)

Gold price (XAU/USD) sticks to its modest intraday gains through the early European session and has now reversed a major part of the previous day's losses. The precious metal remains well within the striking distance of its highest level since May 5 touched on Wednesday and currently trades around the $2,043-$2044 area, up nearly 0.40% for the day. Growing acceptance that the Federal Reserve (Fed) is done with its policy-tightening campaign and may start cutting rates as early as March 2024 turns out to be a key factor acting as a tailwind for the non-yielding yellow metal. (FXStreet)

Silver (XAG/USD) retreats from the vicinity of mid-$25.00s, or a near seven-month peak touched this Friday and refreshes daily low during the early part of the European session. The white metal, however, manages to hold above the $25.00 psychological mark and seems poised to prolong its well-established upward trajectory witnessed over the past three weeks or so. (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.


More articles on Market Updates
Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment