The European currency faced significant pressure at the start of the European trading session on Thursday (January 9, 2024). The anticipated slowdown in the European economy continues to exert negative influence.
ЗОЛОТО
Gold prices (XAUUSD) rose during the European session’s early trading, reaching $2,688.68 per troy ounce, marking a consecutive two-day increase. Gold managed to rise even as the U.S. dollar remained strong.
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Elected President Donald Trump is reportedly considering implementing emergency actions to increase import tariffs, which has created a positive sentiment for Gold. This move could potentially trigger a trade war in the near future.
Additionally, Gold’s positive sentiment surged following the ADP report, which indicated a mere 122,000 jobs added in December 2024, much lower than the forecast of 140,000.
This sentiment is likely to continue influencing Gold’s movement in tonight’s trading.
МАСЛО
Oil prices (CLS10) experienced volatility, fluctuating between $72.83 and $73.48 per barrel as the European trading session commenced.
Yesterday, Oil prices plummeted after the EIA reported a significant increase in gasoline stocks in the United States. The oil that was near a three-month high faced immediate profit-taking activity. This trend is expected to persist in tonight’s trading.
EURUSD
The EURUSD pair showed volatility, ranging between 1.02837 and 1.03215 at the beginning of the European session. Data released from Germany indicated that industrial production in November rose by 1.5% month-on-month (MoM), surpassing the forecast of 0.8% and rebounding from the previous month’s decline of 1%.
Moreover, retail sales in the Eurozone grew by 0.1% MoM in November, aligning with the forecasts by Trading Central.
This data has enabled the EURUSD to rebound and might continue its upward trajectory in tonight’s session, especially given the pair’s proximity to its lowest levels since November 2022.
GBPUSD
This currency pair dropped sharply at the outset of the European trading session, hitting 1.22381. Compared to the closing price on Wednesday, GBPUSD fell by 1.246 points (124.6 pips), marking its lowest level since November 2023.
The sell-off in the British bond market has put considerable pressure on GBPUSD. This sell-off indicates that market participants are pessimistic about the UK economy’s outlook this year, likely maintaining negative sentiment surrounding GBPUSD.
USDJPY
USDJPY declined at the beginning of the European session, reaching a daily low of 157.762. In comparison to Wednesday’s closing price, USDJPY dropped by 563 points (56.3 pips).
This decline is attributed to profit-taking as USDJPY had reached its highest level in nearly six months. Nevertheless, Trump’s reported plans to increase import tariffs could still present positive sentiment for USDJPY during tonight’s trading.
Насдак
The Nasdaq index rebounded at the start of the European session after touching a daily low of 21,217. However, negative sentiment continues to loom over the Nasdaq in response to news that Trump may raise import tariffs.
There are concerns that this could incite a trade war and potentially lead to a slowdown in global economic growth.
