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04.11.2022 Market Report


EURUSD is consolidating the recovery gains below 0.9800 in early Europe. Upbeat sentiment contributes to the typical pre-NFP trading amid the US Dollar repositioning. Firmer yields and hawkish Fed keep bears hopeful. Lagarde’s speech eyed as well. 


GBPUSD is holding onto the recovery gains above 1.1200 as risk flows return early Friday, triggering a corrective downside in the US Dollar. The Fed-BoE policy contrast continues to limit the pair’s rebound, as the focus shifts to the US NFP report. 


The USD/JPY pair is displaying a topsy-turvy performance above 148.00 in the Tokyo session as investors have shifted their focus towards the release of the US employment data. The risk impulse is still favoring safe-haven assets as anxiety ahead of the US Nonfarm Payrolls (NFP) data is accelerating.


The AUDUSD pair has witnessed a perpendicular rally after overstepping the critical mark of 0.6300 in the Asian session. The commodity-linked currency has been underpinned as the market mood has soared vigorously. S&P500 futures have rebounded after two consecutive bearish settlements.


NZD/USD is flat on the day as the markets move into a state of consolidation ahead of today’s key event in the Nonfarm Payrolls, NFP. The pair have been whipsawed this week due to the US Federal Reserve’s intent to continue hiking rates at a steep pace with a long way to go, according to the Fed Chairman, Jerome Powell. At the time of writing, the Kiwi is trading at 0.5770 and between a low of 0.5764 and a high of 0.5777. 


USDCAD cheers the broad US dollar pullback, as well as a mildly positive market mood, as it prints the first intraday loss in seven. That said, the Loonie pair takes offers to refresh the daily low near 1.3680 during early Friday morning in Europe.


The USDCHF pair is displaying a lackluster performance from the late New York session after a juggernaut rally that pushed the asset to near three-year high at 1.0148. The asset has witnessed a stellar buying interest after overstepping the psychological hurdle of 1.0000.


Oil prices rose on Friday as markets awaited the passing of a price cap on Russian exports, although concerns over Chinese demand and a hawkish Federal Reserve put crude on course to end the week lower.


Gold price is extending the rebound towards $1,650, as the US Dollar Index corrects after failing to cross 113.00. The market mood remains buoyed while Treasury yields trade higher ahead of the US NFP data.

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