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03.11.2021 Market Report


EUR/USD remains indecisive around 1.1580 heading into the European session on the key Wednesday. The currency major pair dropped the previous day amid downbeat European fundamentals, as well as the market’s rush for USD. However, anxiety ahead of the US Federal Reserve (Fed) decision and a speech from the European Central Bank (ECB) President Christine Lagarde challenge the pair’s latest moves.


GBP/USD cheers the US dollar pullback heading into Wednesday’s London open, up 0.14% on a day around 1.3630. In doing so, the cable pair refreshes intraday high while printing the first positive daily performance in four, not to forget bouncing off a three-week low.


The USD/JPY pair extended its sideways consolidative move and remained confined in a range below the 114.00 mark heading into the European session.


AUD/USD consolidates the RBA-led big slump within an 18-pip trading range, picking up bids near 0.7438 heading into the European session on Wednesday.


The New Zealand Unemployment rate for the third quarter (Q3) arrived at 3.4% vs the estimated 3.9% and previous 4.0%.

The New Zealand Employment Change (Q/Q) Q3 came in at 2.0% vs the estimated 0.4% and the prior 1.0%; with the previous revised to 1.1%).

Meanwhile, the New Zealand Average Hourly Earnings (Q/Q) Q3 came in at 1.2% vs the estimated 1.5% and the previous 0.7%.


USD/CAD is holding the higher ground above 1.2400, flirting with four-day tops near 1.2425, as the bulls cheer the sell-off in WTI prices ahead of the critical US events.


USD/CHF grinds higher around 0.9150, following the notable bounce off a three-month low. That said, the quote consolidates the biggest daily jump since mid-September amid the pre-Fed anxiety and a lack of major data/events.


CME Group’s flash data for crude oil futures markets noted traders added nearly 3.5K contracts to their open interest positions on Tuesday for the first time after eight consecutive daily pullbacks. Volume, instead, went down for the second session in a row, this time by around 46.7K contracts.


Gold is having a difficult time attracting investors on Wednesday. Will the Fed rescue XAU/USD bulls? A dovish surprise could trigger a fresh upswing in the yellow metal, according to analyst Dhwani Mehta.

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