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01.12.2021 Market Report


At the beginning of Wednesday’s European session, the EUR/USD defends 1.1300, taking rounds to 1.1325-1.1230. The major currency pair is looking for clarity after Federal Reserve Chair Powell recalled bond bears, but looming concerns over a South African covid variant and vaccine news test decline ahead of key US data and events.

Regarding the US Dollar, traders should consider the release of ADP Non-Farm Employment Change and ISM Manufacturing PMI, while Federal Reserve Chair Jerome Powell will testify for the second time.


Going into Wednesday’s London open, the GBP/USD picks up bids to refresh the intraday top around 1.3325.

Traders’ eyes are on Bank of England’s Governor Andrew Bailey speech today at 14:00 UTC. 


Heading into the European session, the USD/JPY pair maintained its bid tone and was last seen trading near daily highs, around the 113.60 region.


The AUD/USD is flirting with three-day highs near 0.7170, while the buying pressure around the Australian dollar remains persistent amid a rebound in risk appetite.

Traders should take into consideration, today’s release of GDP Growth Rate QoQ by the Australian Bureau of Statistics.


NZD/USD is retreating towards the 0.6800 level, however, during the early hours of Wednesday’s Asia open, the pair is still under pressure around 0.6818.


During the early European session, the USD/CAD pair fell to the lower end of its weekly trading range, hovering around 1.27570 on the time of writing 10:00 UTC+2.

Statistics Canada will release Building Permits later today, at 13:30 UTC.


The USD/CHF fades a three-week low to revisit 0.9200. The Swiss currency (CHF) pair has been falling for the past three days before bouncing off support at 0.9157 on Tuesday.


According to CME Group flash data for crude oil futures markets, traders added 14.8K contracts to their open interest holdings on Tuesday, maintaining the rise following Monday’s daily dip. Volume increased at 174.2K contracts in the same direction, somewhat reversing the previous day’s decline. Prices of the WTI bottomed out near $64.50 and rebounded afterwards to close near the $67.00 mark on Tuesday.
Energy Information Administration (EIA) will release Crude Oil Inventories at 15:30 UTC today.


The price of non-yielding gold increased by as much as $30 before settling at $1,771 at the end of Tuesday.  

All eyes now remain on the US ADP and ISM Manufacturing PMI, while covid-19 developments and Fed sentiment will continue to play out in the short-term.

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