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06.10.2022 Market Report


EUR/USD is making minor recovery attempts just above 0.9900 heading into the European open, as the dollar licks its wounds following the steep drop seen in the US last session.


GBP/USD has witnessed a minor pause while advancing towards 1.1400. The risk-on impulse is still solid and S&P500 is holding gains. Fitch Ratings have revised the BOE sovereign outlook to Negative from Stable.


The USD/JPY pair is displaying topsy-turvy moves in the Tokyo session as the risk-on impulse is defending the downside while the upside is capped due to Japan-North Korea geopolitical tensions. The major has traded in 114.40-114.70 in the Tokyo session and is likely to continue its consolidation till the availability of a potential trigger.


The AUD/USD pair is advancing firmly right from the initial tick amid an improvement in the risk appetite of the market participants. The asset has reached near Tuesday’s high at around 0.6547 and is expected to overstep the same with sheer confidence as commodity-linked currencies have hogged the limelight.


The NZD/USD pair has crossed the day-old hurdle of 0.5805 firmly and is looking to establish above the same. At the time of writing, the kiwi pair is trading around 0.5810, 1.26% above Wednesday’s close, and is aiming to record more upside. Stable risk-on impulse has strengthened the commodity-linked currency while the US dollar index (DXY) is facing the heat.


The USD/CAD pair extends the overnight pullback from the vicinity of the 1.3700 mark and edges lower through the first half of trading on Thursday. The pair is currently placed near the lower end of its daily trading range, around the 1.3570-1.3575 region, down nearly 0.30% for the day.


The USDCHF pair has dropped to approximately 0.98055 which may be linked together with the hopeful DXY and S&P500.


Oil prices kept to a three-week high on Thursday, but appeared to have paused a recent rally as markets awaited more clarity on how the OPEC+ intends to carry out a massive supply cut, as well as a U.S. response to the move. 


Gold price has extended its gains above the immediate hurdle of $1,720.00 and is aiming to test a three-week high at around $1,730.00. The precious metal is scaling higher gradually as the US dollar index (DXY) has displayed a subdued performance.

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