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08.09.2022 Market Report


The EUR/USD pair is auctioning back and forth in a narrow range of 0.9979-0.9994 in the Asian session. The asset has shifted into a time-correction phase after failing to sustain above the magical figure of 1.0000.


GBP/USD clings to mild losses around 1.1510 while fading the previous day’s bounce off the 37-year low during Thursday’s Asian session. 


The Japanese yen is finding fresh demand after the country’s Finance Ministry (MOF) reported that the Ministry, the Bank of Japan (BOJ) and the Financial Services Agency (FSA) are due to meet on Thursday at 0745 GMT. Japan’s top currency diplomat said that he will brief the media after the meeting. Expectations of forex market intervention shot through the roof and put a strong bid under the yen, investors anticipate that the Japanese official could step in after USD/JPY rallied nearly 500 pips so far this week to touch 145.00, the highest level since 1998.


AUD/USD extends the bounce off intraday low to 0.6745, down 0.42% intraday heading into Thursday’s European session. In doing so, the Aussie pair traces the US dollar’s latest pullback, due to softer yields, while portraying an overall cautious mood in the market ahead of the key events namely, European Central Bank (ECB) Monetary Policy Meeting and Fed Chair Jerome Powell’s speech.


NZD/USD remains pressured around mid-0.6000s heading into Thursday’s European session. In doing so, the Kiwi pair reverses the previous day’s recovery moves from the nearly 2.5-year low ahead of the all-important European Central Bank (ECB) Monetary Policy Meeting and Fed Chair Jerome Powell’s speech.


USD/CAD picks up bids to refresh its intraday high near 1.3135 as it consolidates its recent downside during Thursday’s Asian session. In doing so, the Loonie pair pays little heed to the improvement in prices of Canada’s main export, WTI crude oil.


USD/CHF licks its wounds near 0.9750, after falling the most in a month the previous day, as traders await the week’s crucial catalysts during early Thursday. Also challenging the Swiss currency pair could be the mixed risk signals.


Oil prices rose nearly $1 per barrel on Thursday. The energy standoff between European nations and Russia focused investor minds on how tight fuel supply may become.


In Thursday’s trading so far, XAU/USD is consolidating the previous recovery, as investors refrain from placing fresh bets ahead of the ECB rate hike decision. Increased expectations of a 75 bps rate hike are keeping a check on the non-interest-bearing metal.

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