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29.09.2022 Market Report


EUR/USD sellers are up and roaring as sour sentiment joins firmer yields to renew the downside during early Thursday, after a day full of surprises and positive performance. Germany’s HICP may not impress pair buyers unless US GDP disappoints.


GBP/USD is expected to resume its upside journey after concluding its correction to near 1.0800. To revive UK’s financial stability, the BOE announced a bond-buying program worth GBP 65 billion. Does BOE really not have the stomach to fight inflation while simultaneously keeping financial stability?


USD/JPY fell to 143.90 by late NY trade as US yields tumbled overnight following the Bank of England’s surprise move by buying bonds. Global bond yields fell in response while equities rallied and the US dollar tanked as bulls capitulated into month-end sessions. At the time of writing, USD/JPY is retesting the 144.40s, moving up from the 144.04 lows 


AUD/USD pares intraday losses around 0.6490, recently bouncing off daily lows, as traders await fresh clues to defend the latest pullback moves.


NZD/USD remains sidelined around 0.5690, recently bouncing off the daily low, as buyers and sellers jostle over the mixed catalysts during early Thursday in Europe. That said, the quote’s latest weakness contrasts with the broad pessimism while the upbeat data at home fail to convince the bulls.


USD/CAD recalls buyers after a two-day absence as the quote pokes 1.3650 during Thursday’s Asian session. In doing so, the Loonie pair benefits from the market’s sour sentiment and firmer yields while paying little heed to the upbeat prices of Canada’s essential export item, WTI crude oil.


The USD/CHF pair has sensed a sigh of relief after a continuous drop from a high above 0.9950. The asset is trying a develop a base around 0.9750 after a vertical fall, however, the downside seems to favor on cheerful market mood. The major is expected to decline further to near the mark of 0.9700 as the market sentiment turned positive after investors found the risk-perceived assets a ‘value bet’.


Oil prices retreated slightly on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment.


Gold price is experiencing a healthy correction in the Tokyo session after witnessing a bumper rally. The precious metal is expected to find significant bids around the immediate cushion of $1,650.00 as the downside bias is not backed by momentum. 

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