Pre Loader

12.09.2022 Market Report


EUR/USD grinds higher around 1.0090 during Monday’s sluggish session as China’s off and a light calendar joins pre-data anxiety. However, the recently hawkish comments from the European Central Bank (ECB) policymakers keep the pair buyers hopeful.


GBP/USD is clinging to gains above 1.1600 after the downbeat UK GDP and industrial data failed to impress. The pair struggles to find demand amid UK recession fears and a mixed market mood. The dollar licks its wounds amid a data-scarce US docket. 


The USD/JPY pair has advanced sharply after a little shaky opening and is hovering around 143.00 in the Asian session. The asset is expected to advance further after slaughtering the immediate hurdle of 143.00 as the Federal Reserve (Fed) is preparing to scale up its interest rates further this year. On a broader note, the major has attempted a firm rebound after the conclusion of retracement from the previous week’s high around 145.00.


The AUD/USD pair struggles to gain any meaningful traction on the first day of a new week and seesaws between tepid gains/minor losses through the Asian session. Given that markets already seem to have priced in a supersized 75 bps rate hike at the September FOMC meeting, a generally positive risk tone continues to undermine the safe-haven US dollar. 


NZD/USD stays mildly bid after snapping a three-week downtrend, taking rounds to 0.6115-20 during Monday’s Asian session. In doing so, the Kiwi pair ignores downbeat results of the New Zealand Institute of Economic Research (NZIER) survey of economists, as well as the risk-negative headlines emanating from China amid a sluggish start to the week.


USD/CAD remains pressured around the lowest levels in a fortnight amid the sluggish European morning on Monday. That said, the Loonie pair seesaws near 1.3030 during the four-day downtrend amid the bearish bias of the options market traders.


The USD/CHF pair is facing less-confident hurdles around 0.9600 in the early Tokyo session. The asset moved higher after a tepid opening around 0.9580 but is facing exhaustion signals amid a risk-on market mood. A failure to sustain above 0.9600 will drag the greenback bulls towards the previous week’s low of around 0.9560.


Oil prices edged lower on Monday after a volatile week, as traders gauged concerns over slowing demand and U.S.-led price caps on Russian crude exports. 


Gold price is back in the red at the start of the week this Monday after bulls ran into the $1,730 region yet again on Friday. Hawkish ECB bets and pre-US inflation data anxiety keep gold bulls at bay.

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.