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17.11.2021 Market Report


EUR/USD is struggling to extend the recovery from a new 16-month lows of 1.1264, currently battling 1.1300, as the US dollar clings onto the recent upside. The main currency pair extended its losing streak into a sixth straight session on Wednesday, having witnessed a sharp 40-pips sell-off on a breach of the 1.1300 psychological level.


The GBP/USD pair shot to one-week highs, around the 1.3470-75 region in reaction to hotter UK consumer inflation figures, though quickly retreated a few pips thereafter.


On Wednesday, the USD/JPY reached a multi-year high of around 114.81, the highest since October 20, before pulling back modestly. The pair gained more ground as a result of a combination of higher US T-bond yields, rising equity prices, and an overall rally in the US dollar.


The AUD/USD pair recovered a significant portion of its early losses to six-week lows, and was last seen trading around the 0.7300 mark with only minor intraday losses. During the Asian session on Wednesday, the pair extended the previous day’s rejection slide from the 100-day SMA and saw some follow-through selling.


NZD/USD struggles to recovery as bears take a breather around monthly low, retreating to 0.6990 during early Wednesday.


On Wednesday, the USD/CAD pair continued to trade higher for the second day in a row. With a high of 1.2586 and a low of 1.2553, the currency pair is firmly holding its ground above the 1.2570 level. 


USD/CHF seesaws around 0.9300 following a two-day run-up towards the highest levels last seen on October 13.


According to CME Group’s flash data for crude oil futures markets, on Tuesday, traders trimmed their open interest positions for the third session in a row, this time by around 13.1K contracts. After four consecutive daily drops, volume increased by around 48.6K contracts.


Gold reached fresh multi-month highs near $1,880 on Tuesday but lost its traction during the American trading hours. XAU/USD is currently fluctuating in a tight range above $1,850.

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