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16.09.2022 Market Report


EUR/USD is juggling around 1.0000 as investors await US Michigan CSI data. An upbeat US Retail Sales data will strengthen the Fed in tightening policy further. The Eurozone energy crisis is deepening further ahead of the winter season.


GBP/USD holds lower ground at the yearly low marked in the last week. Sluggish yields, short-term technical hurdle probes US dollar bulls ahead of data. Hawkish Fed bets jostle with the BOE concerns amid record high UK inflation expectations.


USD/JPY remains sidelined while consolidating the recent gains, the fifth weekly uptrend, as traders await key data/events amid a sluggish session and cautious mood heading into Friday’s European open.


The AUD/USD pair stages a modest bounce from over a two-month low touched during the Asian session on Friday and recovers a part of the previous day’s losses. Despite less hawkish remarks by the Reserve Bank of Australia Governor Philip Lowe, signs of a recovery in China turn out to be a key factor offering support to the China-proxy aussie. 


The NZD/USD pair witnessed a rebound after printing a low of 0.5955 in the Tokyo session. The asset has extended its recovery after overstepping the immediate hurdle of 0.5974 and is marching higher to recapture the 0.6000 mark. Also, the asset has entered into the prior balanced area, which was formed in a narrow range of 0.5977-0.6026.


USD/CAD pierces 1.3250 mark as it rises to the fresh high since November 2020 during the four-day uptrend to Friday’s Asian session. In doing so, the Loonie pair cheers broad US dollar strength, as well as softer prices of Canada’s key export WTI crude oil.


USD/CHF redirects the upside momentum while picking up bids near 0.9620 during Friday’s Asian session.


Oil prices edged higher on Friday but were on track for a weekly decline amid fears of sharp interest rate hikes that would slam global growth and hit fuel demand.


Gold price is consolidating Thursday’s massive sell-off on the final trading day of the week, keeping close proximity to the weakest level since April 2020 hit at $1,660.  The bright metal is down 3% so far this week, on track for the sixth straight monthly decline.

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