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07.11.2022 Market Report


EURUSD is trading close to 0.9950, recovering ground amid a positive shift in risk sentiment, which is checking the US Dollar recovery. Worries over the Fed downsizing interest rates is capping any upside attempts in the dollar. Eurozone data eyed. 


GBPUSD is bouncing back towards 1.1350, consolidating the biggest daily gains in a month. UK FinMin Hunt eyes GBP60 billion worth of tax hike and spending cuts in the Budget. Mixed US data and Fedspeak allow buyers to sneak in amid a quiet start to the week. 


USDJPY is up on the day as the US dollar rallies to the start of the week following last Friday’s dismal performance. Risk-off markets have kicked off a bout of demand for the greenback that is rising across the board. At the time of writing, USDJPY is higher by some 0.18% at 146.90 and between 146.75 and 147.17.


The AUDUSD pair has resurfaced after dropping to near 0.6408 in Asia. The Aussie bulls have got strengthened despite weaker China’s Trade Balance data. The exports rose by 7.0% last month vs. 14.8% expected and 10.7% previous while, imports climbed by 6.8% vs. 6.0% expected and 5.2% the prior release.


NZDUSD seesaws around the intraday high near 0.5910 while paring the daily loss during the mid-Asian session on Monday.


USDCAD treads water around 1.3530, after a gap-up opening, as bulls seek fresh clues heading into Monday’s European session. The Loonie pair’s latest rebound could be linked to the retreat in Canada’s main export item, the WTI Crude Oil, as well as the risk-off mood. However, a reassessment of the recently flashed catalysts from Canada and the US challenged the pair buyers of late.


USDCHF picks up bids to 0.9970 during Monday’s Asian session, paring the biggest daily loss since June amid the risk-off mood. Even so, the Swiss currency (CHF) pair buyers appear cautious ahead of this week’s key data/events.


Oil prices fell on Monday amid growing concerns over demand after major importer China reiterated its commitment to maintaining its economically disruptive zero-COVID policy, as it faces its worst outbreak in nearly six months. 


Gold price is correcting from three-week highs of $1,682 at the start of the week this Monday, as the safe-haven US Dollar attempts a comeback amid the return of risk aversion. China’s zero-Covid policy remains in place, triggers risk aversion.

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