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18.11.2021 Market Report


The EUR/USD pair is above 1.1300, having stalled its recovery from 16-month lows of 1.1264, as Treasury yields recover, lifting demand for the greenback across the board. 


GBP/USD eases from its weekly high of 1.3485 to 1.3485 early Thursday, remaining within a 20-pip range. The cable pair thus consolidates its largest daily gain in over a week, despite cautious sentiment over Brexit concerns and a sluggish Asian session.


As Tokyo opened for trading on Thursday, the USD/JPY rose to an intraday high of 114.25 before falling to 114.06. The yen pair thus consolidates the previous day’s losses after falling to its lowest level since August.


The AUD/USD currency pair is taking offers to retest a multi-day low near 0.7250, after falling for the third day in a row on early Thursday. The quote thus extends the previous day’s decline past the 61.8% Fibonacci retracement (Fibo.) of the August-October uptrend, testing an ascending support line from August.


After the Reserve Bank of New Zealand (RBNZ) released sharp inflation expectations numbers on Thursday, investors are looking for new rate hike cues. NZD/USD is trading from early Thursday trading at 0.7024, up 0.41 %.


After rising to its highest levels since early October the previous day, USD/CAD picks up bids in a 20-pip trading range above 1.2600. However, during the first Asian session on Thursday, the price rose to 1.2613.


The USD/CHF pair is falling towards 0.9250, moving away from the recent high of 0.9300 on October 12. During the Asian trading session on Thursday, the cross-country pair was trading around 0.9272, down 0.12%. The latest trend in the currency pair appears to be driven by the US dollar’s marginal ease.


According to CME Group’s flash data, traders reduced their open interest positions in crude oil futures markets for the fourth consecutive session on Wednesday, by more than16K contracts. Volume, on the other hand, increased for the second day in a row, this time by about 394.5K contracts.


During the early part of Thursday’s trading, gold rose marginally, but it failed to take advantage of the move beyond the $1,870 level. The XAU/USD pair was last seen trading in the $1,865-64 range heading into the European session, with minor intraday losses.

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