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28.09.2021 Market Report


According to Bloomberg, the EU-U.S. trade meeting this week may be a bit narrower in scope than originally planned. France wasn’t ready to agree to the draft conclusions for the meeting. The meeting is aimed at closing the chapter on four years of transatlantic conflict.


USD/JPY prices are on the way to a yearly peak of 111.65. Overbought RSI may challenge the bulls afterward, if not then an upper line of the six-month-old rising channel, near 112.30, will be the key hurdle.


Cable remains in a consolidative mode within the 1.3650-1.3810 range for the time being, suggested FX Strategists at UOB Group.


The USD/CHF pair consolidates gains after posting strong upside momentum in the US session. The pair hovers in a very narrow trade range of less than 10-pips following fresh daily gains near 0.9290 on Monday.


AUD/USD extends the previous session’s gains on Tuesday amid upbeat Australia Retail sales data. The pair opened lower but recovered swiftly to touch the intraday high of 0.7307.


USD/CAD remains pressured around a multi-day low near 1.2600, down 0.21% intraday ahead of Tuesday’s European session.

Stronger prices of Canada’s key export item, WTI crude oil, join the US dollar’s failures to cheer firmer Treasury yields to weigh on the USD/CAD around the lowest since September 10. In doing so, the quote attacks a short-term key support line from late June, near 1.2570.


NZD/USD is still seen navigating within the 0.6975-0.7100 range for the next weeks, suggested FX Strategists at UOB Group.


Open interest in crude oil prices went up for the four consecutive session on Monday, this time by around 15.4K contracts considering flash data from CME Group. Volume followed suit and rose by around 210K contracts, reversing the previous daily pullback.


Gold (XAU/USD) stays sidelined around $1,750, recently picking up bids to $1,751 ahead of Tuesday’s European session. The yellow metal has been range-bound since the week start as traders struggle for clear direction mixed catalysts.