Market Update - 09 January 2024

EUR/USD retraces its recent gains as the US Dollar (USD) attempts to recover its recent losses. The EUR/USD pair trades lower near 1.0950 major support during the Asian session on Tuesday. A break below could lead the pair to test the psychological level at 1.0900 as the key support region. (FXStreet)

GBP/USD halts a four-day winning streak, trading lower near 1.2750 during the early European session on Tuesday. The GBP/USD pair is at a critical juncture, and the possibility of a break below the major level raises the potential for further downward pressure. The 21-day Exponential Moving Average (EMA) at 1.2684 serves as an immediate support level to monitor. (FXStreet)

USD/CAD consolidates near 1.3350 during the Asian session on Tuesday, attempting to retrace its recent losses registered on Monday. The Canadian Dollar (CAD) could have some balance on steady Crude oil prices. (FXStreet)

NZD/USD moves on an upward trajectory, extending gains for the third successive session. The NZD/USD pair trades higher near 0.6260 during the Asian hours on Tuesday. The pair rebounded from a three-week low at 0.6181 on Friday after mixed economic data from the United States (US). (FXStreet)

USD/MXN grapples to snap its losing streak that began on January 3, hovering near 16.84 during the European trading hours on Tuesday. The USD/MXN pair faced downward pressure following remarks from Atlanta Fed President Raphael W. Bostic. (FXStreet)

West Texas Intermediate (WTI) price hovers near $71.10 per barrel during the Asian session on Tuesday. The Crude oil prices move sideways after recent losses registered in the previous session. (FXStreet)

Gold price (XAU/USD) regains positive traction during on Tuesday and recovers further from a near three-week low, around the $2,017-2,016 region touched the previous day. A fall in US Consumer Inflation Expectations boosts market bets that the Federal Reserve (Fed) may start cutting interest rates as early as March. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal, though the intraday uptick lacks bullish conviction. (FXStreet)

Bitcoin ETF fever is pushing the price of the largest cryptocurrency by market capitalization back to highs last seen in April 2022. At least 10 companies have handed in amended and updated Bitcoin ETF applications and are waiting to hear from the SEC. The ARK 21Shares Bitcoin ETF will be the first exchange-traded fund ruled on by the Securities and Exchange Commission (SEC). The SEC has until January 10th to approve or reject this ETF and the thinking is that if this application is approved, then the other 10 or so applications will also be approved to prevent any first-mover advantage. (DailyFX)

Source: FXStreet, DailyFX

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