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04.11.2021 Market Report


The selling bias hits the single currency and forces EUR/USD to return to the sub-1.1600 area ahead the opening bell in Euroland on Thursday.


The GBP bears have fought back control, as speculations surrounding an imminent rate hike by the Bank of England (BOE) die down after the Fed disappointment on Wednesday.


After the conclusion of the meeting with PM Kishida, the Bank of Japan (BOJ) Governor Haruhiko Kuroda said that he discussed Japan, global economies and financial markets with PM Fumio Kishida.


AUD/USD is turning south once again, having failed to find acceptance above the 0.7450 barrier amid a broad rebound in the US dollar and mixed Australian Trade and Retail Sales data.


NZD/USD is back in the red zone, heading towards the 0.7150 level in Thursday’s Asian trading.


USD/CAD is flat on the day and in the consolidation of the prior daily bearish impulse after a being outcome from the Federal reserve that weighed on the greenback in what was giving back territory gained earlier in the week. Investors weighed the Federal Reserve’s move to taper its bond-buying program, with CAD recovering from an earlier three-week low which it hit as oil prices tumbled.


The USD/CHF slides during the New York session, down 0.30%, trades around 0.9117 at the time of writing. On Wednesday, the Federal Reserve decided to keep interest rates at the 0-0.25% range, but most importantly, unveiled the bond taper process is a go, and it will start by the middle of November. Moreover, the monetary policy statement highlights that the Fed would be flexible with the pace of reductions in assets purchases, leaving the door open for a faster or slower QE’s reduction program.


CME Group’s flash data for crude oil futures markets noted traders added just 111 contracts to their open interest positions on Wednesday for the first time since October 21. Volume followed suit and went up by around 328.5K contracts, reversing at the same time two daily drops in a row.


According to advanced figures from CME Group for gold futures markets, open interest rose by just 794 on Wednesday, partially reversing the previous daily drop. In the same line, volume reversed two daily pullbacks in a row and went up by around 113.2K contracts.

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