Pre Loader

31.10.2022 Market Report


EUR/USD is dropping back towards 0.9900, as the US dollar regains the upside traction amid higher Treasury yields and a cautious market mood. Bears retake control ahead of the Eurozone preliminary GDP and inflation data. 


GBP/USD prints mild losses around a fortnight high, probes three-week uptrend. Market’s confidence in Britain’s new government, hawkish bets on BOE defend buyers. Risk-aversion, strong US data tease pair sellers amid sluggish session.


The USD/JPY pair has witnessed a steep fall after failing to sustain above the critical hurdle of 148.00 in the Asian session. The asset has slipped to near the immediate cushion of 147.82 as the US dollar index (DXY) has turned volatile. The DXY has refreshed its day’s low at 110.72 and is expected to display more weakness as the risk-on profile has rebounded firmly.


AUD/USD reverses from intraday high with a 15-pip fall to 0.6402 as China’s activity numbers recalled bears after an upbeat start to the key week. The pair’s latest weakness also prints the three-day downtrend by the press time.


The NZD/USD pair has sensed selling pressure while attempting to overstep the critical hurdle of 0.5810 in the Tokyo session. The asset has witnessed stiff hurdles amid surpassing the immediate mark of 0.5810. Downbeat Chinese PMI data weigh on kiwi bulls in collaboration with a rebound in risk-off mood amid accelerating anxiety ahead of the Federal Reserve (Fed)’s monetary policy.


USD/CAD is in the hands of the bears within a descending channel on the daily time frame as the following analysis will illustrate. The price is recently come up for air but there could be prospects of a move lower for the days ahead. 


The USD/CHF pair has sensed selling pressure after attempting to cross the immediate hurdle of 0.9980 in the early Tokyo session. The asset has faced hurdles as the US dollar index (DXY) has turned subdued amid the risk-on market tone.


U.S. crude oil prices slipped Friday, amid China-infused demand concerns, but ended the week higher on bets that a supply crunch is unlikely to be avoided ahead of a looming European ban on Russian crude imports and deeper OPEC output cuts.  


Gold price is looking for a positive start to a big week ahead, although will book the seventh consecutive monthly decline. After Friday’s brutal sell-off, the bright metal is trying to find its feet, as the US dollar rebound loses steam despite a cautiously optimistic market environment.

Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.