Market Drivers; US Session

Greenback Dominance Continues

The US Dollar extended its rally on Thursday, hitting fresh 2024 highs. Despite a slight easing in US Treasury yields, the greenback remained resilient. This comes ahead of a busy economic calendar on Friday, with key US data releases expected to further influence market sentiment.

Key Currency Pairs and Economic Events:

• EUR/USD: The pair dipped below the 1.0500 support level, hitting new 2024 lows. Germany’s Wholesale Prices and ECB speeches will be in focus.

• GBP/USD: The pound sterling weakened, breaking below the 1.2700 support. The UK’s Q3 GDP Growth Rate will be a key event.
• USD/JPY: The pair surged past the 156.00 mark, driven by the stronger dollar. Japan’s flash Q3 GDP Growth Rate and other economic indicators will be released.

• AUD/USD: The Aussie dollar declined to new lows near 0.6450, pressured by the stronger greenback and subdued commodity prices. RBA Governor Philip Lowe’s speech will be watched closely.

Commodities:

• Oil: WTI crude oil prices edged higher, aiming for the $70.00 level, supported by a positive EIA report.
• Gold and Silver: Gold and silver prices recovered from their recent lows, with gold regaining the $2,570 level.

As the US economic calendar heats up, market participants will closely monitor key data releases to assess the potential for further dollar strength and its impact on global currency markets.