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19.08.2022 Market Report


EUR/USD is attempting to correct from the lows of the day so far and is back to a flat position in the third hour of Tokyo’s session. The single currency has travelled between a range of 1.0069 and 1.0092 so far for the final day of the week.


GBP/USD is off the lows but remains vulnerable amid mixed UK Retail Sales and broad USD strength. The UK Retail Sales surprised positively, with a 0.3% rise MoM in July. On an annualized basis, UK consumer spending fell 3.4% vs. 3.3% expected. 


USD/JPY prints a four-day uptrend as it refreshes the monthly peak around 136.40 during early Friday morning in Europe.


The Australian dollar tracked lower through trade on Thursday following a softer than anticipated labour market update and a resurgent US dollar. While the underlying unemployment rate fell to fresh multi-decade lows, a decline in the participation rate and weaker than anticipated jobs growth forced the AUD toward intraday lows below US$0.69. Despite the soft print, the AUD found some momentum leading into the overnight session recovering the day’s early decline and extending back above US$0.6950.


NZD/USD stands on slippery grounds during the five-day downtrend, refreshing a two-week low to 0.6225 during Friday’s Asian session. In doing so, the Kiwi pair fails to cheer hawkish comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr, as well as mixed trade numbers for New Zealand (NZ). The reason could be linked to broad US dollar strength amid firmer US data, hawkish Fedspeak and geopolitical/economic risks.


USD/CAD remains firmer for the third consecutive day, around 1.2960 during Friday’s Asian session after rising to the fresh high in two weeks the previous day. 


USD/CHF rises to the fresh high in two weeks as broad US dollar strength joins firmer upbeat options market signals during Friday’s Asian session. That said, the Swiss currency (CHF) pair prints a five-day uptrend to refresh a fortnight’s peak around 0.9585, at 0.9575 by the press time.


Oil prices dipped on Friday after two days of gain, as market participants weighed worries about global economic slowdown – that could dampen fuel demand – against expectations of tighter supplies toward year-end.


Gold price takes offers to renew monthly low near $1,750 during early Friday morning in Europe. The bullion prices register the five-day downtrend as the US dollar bulls cheer recession woes, as well as firmer US data and hopes of the Fed’s aggression vis-à-vis rate hikes.

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