Market Update - 11 January 2024

EUR/USD extends its gains on the second consecutive day, trading around 1.0980 during the Asian session on Thursday. The EUR/USD pair receives upward support as US Dollar (USD) faces challenges on risk-on market mood ahead of the US Consumer Price Index (CPI data. (FXStreet)

The GBP/USD pair holds positive ground around 1.2765 during the early European session on Thursday. The uptick of the pair is supported by the weaker US Dollar (USD) and improved risk-on sentiment. Traders await the December US Consumer Price Index (CPI) for fresh impetus. The Core CPI is projected to grow 3.8% YoY, while headline inflation is estimated to rise 3.2% YoY versus 3.1% prior. (FXStreet)

USD/CHF moves on a downward trajectory for the second successive day, trading near 0.8510 during the European hours on Thursday. The USD/CHF pair encounters difficulties as investors shift their focus away from the US Dollar (USD), possibly due to speculation about five interest rate cuts by the Federal Reserve (Fed) in 2024. (FXStreet)

The USD/CAD pair drops to near 1.3360 after failing to sustain above the crucial resistance of 1.3400. The Loonie asset continues to struggle as demand for safe-haven assets has dampened due to improved risk-appetite of the market participants. (FXStreet)

NZD/USD advances to near 0.6250 during the European session on Thursday. The NZD/USD pair receives upward support due to the improved market sentiment ahead of the inflation data from the United States (US). (FXStreet)

USD/MXN halts its two-day winning streak, which could be attributed to the improved risk appetite as traders price in the possibility of five rate cuts in 2024. The US Dollar (USD) loses ground on downbeat US Treasury yields. The USD/MXN pair trades lower near 16.95 during the early European session on Thursday. (FXStreet)

Indian Rupee (INR) trades on a positive note on Thursday, supported by robust foreign inflows. On Wednesday, India’s Prime Minister Narendra Modi stated that India is set to become one of the top three global economies. Modi acknowledged India's economic development as a decade of structural reforms that improved the country's capacity and competitiveness amid global headwinds. (FXStreet)

The EUR/GBP cross snaps the two-day winning streak during the early European trading hours on Thursday. The cross hovers around the 0.8600 mark after retreating from the weekly high of 0.8620. (FXStreet)

EUR/JPY pulls back from its six-week high at 160.00, retracing its recent profits registered on Wednesday. The EUR/JPY pair trades lower near 159.60 during the Asian session on Thursday. The remarks from Organisation for Economic Co-operation and Development (OECD) Secretary-General Mathias Cormann regarding the Bank of Japan's (BoJ) monetary policy could offer some support to the Japanese Yen (JPY). (FXStreet)

On Thursday, the People’s Bank of China (PBoC) sets the USD/CNY central rate for the trading session ahead at 7.1087 as compared to the previous day's fix of 7.1055 and 7.1667 Reuters estimates. (FXStreet)

West Texas Intermediate (WTI) price retraces its recent losses, trading higher near $71.70 per barrel during the Asian session on Thursday. Crude oil prices are gaining upward momentum due to concerns about potential supply disruptions following recent developments where Yemen's Houthis criticized the United Nations (UN) resolution on Red Sea navigation. (FXStreet)

Gold price (XAU/USD) drifted higher during the early Asian trading hours on Thursday. The softer US Dollar (USD) lends some support to the yellow metal ahead of the key US CPI report on Thursday. At press time, the gold price is trading at $2,026, gaining 0.15% on the day. (FXStreet)

Silver (XAG/USD) gains some positive traction on Thursday and for now, seems to have snapped a three-day losing streak to the weekly low, around the $22.80-$22.75 region touched the previous day. The white metal sticks to its intraday gains through the first half of the European session and currently trades around the $23.00 round figure, up 0.60% for the day. (FXStreet)

Source: FXStreet

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.