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24.10.2022 Market Report


EUR/USD holds lower grounds near 0.9840 while keeping the week-start pullback from a fortnight top during early Monday. The major currency pair prints the first daily loss in three while paring the previous weekly gains amid mixed sentiment and volatile markets.


GBP/USD stays defensive around 1.13000, after reversing from the highest levels in a week, during early Monday morning in Europe.  


USD/JPY treads water around 148.85 following a volatile start to the week which initially refreshed a fortnight low before recalling the buyers ahead of Monday’s European session. The pair’s earlier slump could be linked to the alleged Japan intervention while challenges to sentiment could have favored the pair buyers afterward.


AUD/USD picked up bids to pare intraday losses around 0.6365 after China reported upbeat Gross Domestic Product (GDP) data for the third quarter (Q3) during early Monday. However, sour sentiment, volatile markets and pessimism surrounding Australia seem to challenge the Aussie pair buyers.


The NZD/USD pair is moving towards the north with sheer confidence as investors’ risk appetite has improved dramatically. The pair is marching towards the critical hurdle of 0.5800 as a less-hawkish tone on interest rate guidance by a Fed policymaker, in such a long time, has infused an adrenaline rush into the risk-perceived currencies.


The USD/CAD pair sensed buying interest after dropping to near the 1.3600 mark in early Tokyo. The loonie bulls have retreated after the US dollar index (DXY) defended the intervention rumors of the Bank of Japan (BOJ) recovered its entire intraday losses. The asset has extended its gains to near 1.3680.


USD/CHF pares Friday’s losses around 1.0010 as the US dollar sellers step back during early Monday in Asia. While the market’s rebalancing of the previous expectations appears to play a significant role in the USD/CHF pair’s latest rebound, fresh challenges to the risk appetite, mainly from China and North/South Korea, propelled the quote of late.


Oil prices fell on Friday after a warning on economic growth from the Federal Reserve, but were still set to end the week higher on positive signals from China and on the prospect of tightening supply in the coming months.


Gold price remains pressured around intraday low of $1,652, keeping the week-start pullback from a fortnight top, during early Monday morning in Europe. The yellow metal justifies the firmer US dollar, as well as the market’s cautious mood.

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