USD/JPY (US Dollar/Japanese Yen) - Sell - Currency Focus and Technical Analysis (15-Minute Chart) March 11, 2024
EUR/USD (Euro/US Dollar) - Strong Sell The EUR/USD pair is holding steady near 1.0940, with market participants analyzing macroeconomic data released last week. Particularly, Germany's industrial production decreased by 5.5% on an annual basis but increased by 1.0% on a monthly basis, suggesting the possibility of the German economy emerging from recession in the near future. In the US, the February labor market report was released, showing an increase in non-farm payrolls beyond expectations, but with a slowdown in average hourly earnings growth.
GBP/USD (British Pound/US Dollar) - Sell The GBP/USD pair is trading near 1.2850, with the British pound continuing its upward trend. The announcement of the budget proposal by the UK Chancellor of the Exchequer is acting as a supportive factor. In the US labor market report, there was a slowdown in average hourly earnings growth and an increase in the unemployment rate. Tomorrow, labor market data for the UK will be released.
AUD/USD (Australian Dollar/US Dollar) - Strong Sell The AUD/USD pair is testing a breakdown at 0.6610 and experiencing some downward movement. The market is awaiting the release of US inflation data for February tomorrow. Chinese inflation data is providing some support to the Australian dollar.
USD/JPY (US Dollar/Japanese Yen) - Sell The USD/JPY pair is hovering around 146.90 with little movement, as market participants await the release of US consumer inflation statistics tomorrow. While Japan's economic growth rate fell below expectations, expectations that the Bank of Japan may reconsider its negative interest rate policy are supporting the yen.
XAU/USD (Gold/US Dollar) - Sell The XAU/USD pair is consolidating near 2180.00 and has shown the strongest growth in several months. This is attributed to significant weakening of the US currency and the imminent start of interest rate reduction programs by major financial regulatory authorities worldwide. Increased central bank interest in purchasing gold is also supporting asset prices.
