Pre Loader

22.08.2022 Market Report


EUR/USD holds onto the latest upside but remains below 1.0050. US dollar struggles to find demand amid the PBOC cuts fuelled optimism. The euro looks vulnerable amid the deepening EU energy crisis and growth risks.


GBP/USD is defending mild gains on its way to 1.1850 as the US dollar pauses its recovery rally. Markets remain cautiously optimistic amid Chinese stimulus bets and the European energy crisis. All eyes remain on the Fed’s Jackson Hole event this week. 


USD/JPY is retreating from monthly highs towards 137.00, having paused its five-day winning streak, as bulls take a breather.


The AUD/USD pair has given an upside break of the consolidation formed in a narrow range of 0.6866-0.6883 in the Asian session. The pair is attempting to overstep the immediate hurdle of 0.6900 confidently as the US dollar index (DXY) is sensing exhaustion signals after printing a fresh monthly high of 108.29.


The NZD/USD pair has overstepped the immediate hurdle of 0.6200 and is looking to add bonus pips ahead. The market participants have underpinned the kiwi bulls after the dovish monetary policy by the People Bank of China (PBOC).


The USD/CAD pair has turned sideways after failing to overstep the 1.3000 mark in the early European session. The asset is displaying back-and-forth moves in a narrow range of 1.2985-1.2994. An upside bias remains favored as loonie bulls are facing the headwinds of weak oil prices. Also, the overall bullish structure of the US dollar index (DXY) is strengthening the greenback bulls.


The USD/CHF advances for the six-straight day, on broad US dollar strength.


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 has given a downside break of $1,745.02-1,749.15 territory and has refreshed day’s low at $1,744.00. The odds of a 50 bps rate hike by the Fed are accelerating vigorously. A decline in US Durable Goods Orders in times of soaring inflation will impact the DXY prices.

Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.