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11.10.2022 Market Report


EUR/USD is holding the lower ground below 0.9700 in early European morning, as the US dollar trades firmer alongside the Treasury yields amid a broad risk-aversion. Recession fears and aggressive Fed rate hike bets underpin the dollar. 


GBP/USD has climbed toward the mid-1.1000s and managed to erase a portion of its daily losses in the early European session. The UK’s ONS reported that the ILO Unemployment Rate edged lower to 3.5% in three months to August from 3.6%. 


The USD/JPY pair is hovering at a make or break figure of around 145.90 as the impact of the intervention by the Bank of Japan (BOJ) in the currency markets to safeguard yen against sheer volatility has eased dramatically.


AUD/USD remains on slippery grounds for the sixth consecutive day as it approaches the lowest levels since March 2020 during early Tuesday morning in Europe. The Aussie pair’s latest weakness could be linked to the recent pick-up in the US Dollar Index (DXY) while tracking the Treasury yields amid the risk-off mood.


NZD/USD bears hold onto the control as the quote renews a 31-month low around 0.5535, close to 0.5545 heading into Tuesday’s European session. The kiwi pair’s latest fall takes clues from the broad US dollar strength as traders rush towards the risk safety amid the first day of full markets.


USD/CAD takes the bids to renew one-week high around 1.3800 during Tuesday’s Asian session. In doing so, the Loonie pair pays little heed to the recently firmer prices of Canada’s main export WTI crude oil as the US Dollar Index (DXY) traces firmer yields.


The USD/CHF pair is playing around the magical figure of 1.0000 in the early Tokyo session amid a dismal market mood due to intensifying Russian attacks on Kyiv. Investors are channelizing their funds into the US dollar index (DXY) from the risk-sensitive currencies to play the risk-off market theme. US indices will open on Tuesday after an extended weekend and will prepare for the mega event of the US Consumer Price Index (CPI) ahead.


Oil prices saw choppy trade on Tuesday as markets weighed potentially weaker demand against supply disruptions from the Russia-Ukraine conflict and OPEC production cuts. 


Gold is consolidating the downside near weekly lows near $1,660, as bears take a breather before the next push lower. Risk-aversion remains the main underlying theme this Tuesday, as US dollar bulls capitalize on safe-haven flows and add to the downside in the bullion.

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