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17.11.2022 Market Report


EURUSD moves up and down in a tight channel below 1.0400 early Thursday while waiting for the next catalyst. October Harmonized Index of Consumer Prices will be featured in the European docket ahead of mid-tier data releases from the US and Fedspeak.


GBPUSD has managed to erase its daily losses and turned flat on the day at around 1.1900 heading into the European session on Thursday. British Chancellor Jeremy Hunt will present the Autumn Budget to parliament later in the day.


USDJPY remains sidelined around 139.40 despite the latest pullback from the intraday high during early Thursday morning in Europe. In doing so, the Japanese Yen pair portrays the market’s inaction, as well as mixed comments from the Bank of Japan (BOJ) policymakers.


The AUDUSD pair has delivered a downside break of the consolidation formed in a narrow range of 0.6716-0.6750 in the Tokyo session. The asset has sensed selling pressure as investors’ risk appetite has trimmed dramatically.


The NZDUSD pair has witnessed buying interest after dropping to near 0.6120 in the Asian session. The asset has picked bids as the US dollar index (DXY) has turned volatile after facing selling pressure around the critical hurdle of 106.60. Market mood is displaying mixed cues as DXY has witnessed offers despite mounting geopolitical tensions between North Korea and the US.


The USDCAD pair has shifted its auction profile above the critical hurdle of 1.3350 in the early European session. The asset has witnessed a decent buying interest as investors have turned cautious amid escalating geopolitical tensions between North Korea and the US. The major has refreshed it’s weekly high above 1.3360 led by a steep fall in oil prices.


USDCHF repeats its sluggish momentum around 0.9450, consolidating the most significant weekly loss in seven years during early Thursday. In addition to balancing losses, mixed catalysts and cautious mood ahead of Swiss trade numbers for October, as well as a speech from Swiss National Bank (SNB) Governing Board Member Andréa M. Maechler, also restrict immediate moves of the Swiss Franc (CHF) pair.


Oil prices extended declines on Thursday as concerns over geopolitical tensions eased, while rising numbers of COVID-19 cases in China added to demand worries in the world’s largest crude importer.


Gold price has witnessed a steep fall after surrendering the critical mark of $1,770.00 in the Asian session. The precious metal has tumbled to near $1,763.00 as investors are turning risk-averse after North Korea warns the US that it will face ruthless military activity against its joint drills in its region.

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