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11.11.2022 Market Report


EUR/USD is holding onto gains above 1.0200, capitalizing on a fresh risk-on wave after China cut its quarantine restrictions and flight bans. The safe-haven US Dollar resumes its post-CPI downside ahead of the Michigan Consumer Sentiment data.


GBPUSD is recovering losses while trading at around 1.1700, awaiting the UK Q3 GDP release for fresh impetus. The US Dollar is seeing fresh supply, as risk flows return on China reopening optimism. 


USDJPY seesaws around the intraday high near 142.50 as it consolidates the biggest daily fall since October 1998 during Friday’s Asian session. In doing so, the yen pair takes clues from the market’s slightly sour sentiment, as well as inactive US Treasury yields, amid the sluggish session.


AUDUSD consolidates intraday losses around 0.6630, the highest levels since late September, as the market’s cautious optimism contrasts with the risk-negative headlines from China during early Friday. That said, the Aussie pair rallied the most since October 2011 the previous day before the bulls took a breather amid a lack of major data/events during the day-start moves.


NZDUSD holds lower ground near the intraday bottom as it pares the biggest daily gains in a week around 0.5990 during Friday’s Asian session. In doing so, the Kiwi pair seesaws around the highest levels since early September.


The USDCAD pair has sensed selling pressure around 1.3350 in the Tokyo session after attempting a pullback move around 1.3300. The asset has turned sideways which indicates further inventory distribution, which will deliver more weakness in the counter.


The release of a much-awaited US inflation report was lower-than-expected, spurring a risk-on impulse in the financial markets, as speculators priced in a less aggressive Federal Reserve policy stance. At the time of writing, the USDCHF is trading at 0.9676, below its opening price.


Oil prices rose on Friday after softer-than-expected U.S. inflation data ramped up hopes of smaller interest rate hikes by the Federal Reserve, although concerns over slowing economic growth and a COVID spike in China still saw crude trade negative for the week.


Gold price portrays the market’s inaction around a 10-week high during early Friday morning in Europe, after rising the most in a week the previous day. In doing so, the bright metal seesaws around $1,755-50, recently printing mild losses despite picking up bids.

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