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09.09.2022 Market Report


EUR/USD is attempting to kiss level of 1.0100 as DXY has plunged. The DXY is declining on expectations of a consecutive drop in the US inflation rate. ECB’s 75 bps rate hike announcement has trimmed Fed-ECB policy divergence.


GBP/USD prints the biggest daily gains in a month amid broad US dollar weakness, optimism at home. Hopes from newly appointed UK PM Truss favor Cable, especially after the latest UK energy plan. US Dollar Index drops to one-week low even as Fed’s Powell, Evans favored more rate hikes.


USD/JPY remains pressured around intraday low near 143.60 during Friday’s Asian session. In doing so, the yen pair prints the first daily loss in 11 days while extending the mid-week pullback from the 24-year high.


The AUD/USD pair is advancing sharply higher after establishing above the 0.6770 in the Asian session. The asset has witnessed a bullish open test-rive session in which bulls remain in control right after defending the downside bias in from the first tick. Also, the major has given an upside break of the consolidation formed in a 0.6713-0.6770 range.


The NZD/USD pair has concluded the time-based correction after a stellar performance in the Asian session. The asset has witnessed a sheer upside and is oscillating around 0.6080. The major is gearing up for more upside which may be witnessed after overstepping 0.6100. The asset has not responded well to the higher-than-expected China’s Consumer Price Index (CPI) data.


USD/CAD portrays a three-day downtrend as it renews the weekly low around 1.3050 during Friday’s Asian session. In doing so, the Loonie pair cheers firmer prices of Canada’s key export item WTI crude oil while also cheering the risk-on mood and broad US dollar pullback. However, the pair traders remain cautious ahead of the monthly jobs report from Ottawa.


USD/CHF bears cheer broad US dollar weakness, as well as a technical correction, heading into Friday’s European session. In doing so, the Swiss currency (CHF) pair drops for the third consecutive day to the two-week low.


Oil prices rose on Friday as investors considered Russia’s threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks’ aggressive rate hikes and China’s COVID-19 curbs weighed on demand.


Amid an extended phase of downside consolidation, Gold price is trying another attempt for a sustained move higher on the final trading day of this week. The US dollar correction extends amid a better market mood, shrugging off the previous rebound in the Treasury yields.

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