Currencies Shift as Euro Recovers and Dollar Holds Firm
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EUR/USD: The Euro is currently trading at 1.1058, showing a slight gain of 0.10% on the day. Over the past week, the pair has declined by 0.96%, although it has gained 0.98% over the month. This does indicate some recovery after a period of pressure.
(J.P. Morgan | Official Website)
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GBP/USD: The Pound is holding steady at 1.3131, up by 0.04% for the day. The Pound has faced a 0.45% decline over the past week but has maintained a strong monthly performance with a 2.69% gain.
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USD/JPY: The U.S. Dollar is currently at 146.14 against the Japanese Yen, nearly unchanged with a 0.02% decrease on the day. The pair has risen by 1.12% over the past week, showing strength as we await Non Farm Payroll data on Friday.
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AUD/USD: The Australian Dollar is trading at 0.6769, with a daily increase of 0.07%. The currency has been relatively stable, showing a minor weekly decline of 0.09% but a notable 3.86% gain over the month. This is on the backend of stronger business confidence data in Australia.
(J.P. Morgan | Official Website)
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NZD/USD: The New Zealand Dollar is slightly down by 0.23% today, trading at 0.6235. Despite this it has gained 0.48% over the week and 4.79% over the month, indicating overall positive movement.
(J.P. Morgan | Official Website)
Commodities
Crude Oil: Crude oil prices are under pressure, with WTI crude trading at $73.11 per barrel, down 0.60% for the day. Brent crude is also down by 0.72%, sitting at $76.38 per barrel. Over the past week, oil prices have dropped significantly, with WTI down by 5.58% and Brent by 6.20%. These declines are reflective of concerns over a potential slowdown in global demand, particularly due to weaker economic data from China.
(CMC Markets, J.P. Morgan | Official Website).
Gold: Gold is trading at $2,497.63 per ounce, down slightly by 0.22% for the day. Despite this minor drop, gold has seen a strong monthly gain of 3.86%, driven by its safe-haven appeal amid ongoing geopolitical tensions and market uncertainties.
(CMC Markets).
Political News
In the U.S., all eyes are on the upcoming labor market data, with the Non-Farm Payrolls report due later this week. This report will play a big factor in shaping expectations around the Federal Reserve’s next moves. Meanwhile, in the UK, the economic environment remains challenging, with recent data showing mixed results from the Bank of England’s efforts to manage inflation. (Collinson Co,Collinson Co).