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22.11.2021 Market Report


The pair was trading at 1.1268 around 9am today, down 0.16%, while the U.S. dollar is gaining ground against a broad basket of currencies.


The currency pair is recovering losses near 1.3445 this morning after hitting intraday lows of 1.3428 earlier. Despite this, further gains appear elusive in the face of a stronger US dollar and ongoing Brexit concerns.


As US Treasury yields rebound across the curve ahead of this week’s Fed minutes, the USD/JPY was trading above 114.00 this morning, looking to extend last Friday’s sell-off to weekly lows of 113.58.


The AUD/USD pair climbed back above the mid-0.7300s, or a new daily high in the last hour, as the European session began. The AUD/USD pair gained some positive traction on Monday after finding some support near the 0.7325 area, recovering some of the previous session’s losses to the lowest level since October 6. The rise was powered by a strong rebound in US equity futures, and it appeared to be unaffected by the current bullish sentiment surrounding the US dollar.


Despite the risk-off mood, the New Zealand dollar is trading near 0.7000 in the open. The pair lost around 20 pips on Friday. Hawkish Fed expectations continued supporting the USD and capped gains.


The USD/CAD pair continued its sideways consolidative move into the European session, remaining confined to a range below the mid-1.2600s. The pair was unable to capitalize on last week’s gains to the highest level since early October due to a mixture of diverging forces, which resulted in passive/range-bound price action on Monday.


The USD/CHF is up 0.39 % during the New York session, after two days of losses. The greenback, like the Swiss Franc, benefits from its safe-haven status. The pair is currently trading at 0.9296.


On Friday, WTI and Brent futures prices fell by around 3%. In terms of US West Texas Intermediate (WTI) crude, the price of a barrel of spot oil in the Asian open is down 0.4 percent today. It fell from $75.80 to $74.79 before recovering to the current $70.40 level.


Gold bounced back from a two-week low in the Asian session, and was last seen hovering near the top end of its daily trading range, just below $1,850. The worsening COVID-19 situation in Europe proved to be a key factor that benefited traditional safe-haven assets and helped the XAU/USD attract some early-week dip-buying.

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