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10.11.2022 Market Report


EURUSD aptly portrays the market’s anxiety ahead of the key US inflation data during early Thursday. In doing so, the major currency pair fades the late Wednesday’s corrective bounce off 0.9992. It’s worth noting that the quote reversed from a two-month high the previous day amid a broad risk-off mood.


GBPUSD takes the bids to refresh intraday high, extends bounce off 50-DMA. High hopes form UK PM Sunak underpin recovery despite pessimism surrounding British property markets and hirings. Mixed Fedspeak, downbeat US inflation expectations favor buyers amid sluggish session.


USDJPY sellers return to the table, after the previous day’s absence, amid bearish bias for the US inflation and downbeat Fedspeak. Also exerting downside pressure on the Yen pair are the sluggish yields and the latest comments from Bank of Japan (BOJ) Governor Haruhiko Kuroda. That said, the quote drops towards the intraday low surrounding 146.10 during early Thursday morning in Europe, fading Wednesday’s rebound from the lowest levels in a fortnight.


The AUDUSD pair has sensed selling pressure at 0.6440 and has slipped to near 0.6410 in the Tokyo session. The asset has faced a minor sell-off despite a subdued performance by the US dollar index (DXY). Meanwhile, the risk-on profile has attempted a rebound as S&P500 futures have displayed signs of recovery after a bearish Wednesday.


NZDUSD fails to cheer the US dollar weakness during early Thursday as it stays pressured around the intraday low of 0.5865 heading into the European session.


USDCAD aptly portrays the pre-data/event anxiety as it seesaws near 1.3530 during early Thursday. In doing so, the Loonie pair justifies the market’s cautious mood ahead of the US Consumer Price Index (CPI) for October and a speech from the Bank of Canada (BOC) Governor Tiff Macklem. Also restricting the quote’s latest moves could be the inaction of Canada’s main export item, namely the WTI crude oil.


The US Dollar is attempting to set a bottom at 0.9800, following a 2.7% sell-off on the previous three days, although the pair has been unable to extend past 0.9870.


Oil prices steadied on Thursday after falling for three days as the impact of renewed COVID curbs in China, the world’s biggest crude importer, weighed and traders await U.S. inflation data that may give direction on further interest rate increases.


Gold price (XAUUSD) has witnessed fresh demand from around $1,702.00 in the Tokyo session as the US dollar index (DXY) is displaying a subdued performance. The DXY is striving for a break above the intraday hurdle of 110.40.

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