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24.11.2022 Market Report


EUR/USD is advancing toward 1.0450 in early European trading. The US Dollar licks its dovish Fed minutes-inflicted wounds amid light trading on Thanksgiving Day and weaker US Treasury yields. Focus shifts to German IFO and ECB minutes. 


GBP/USD is cheering broad US Dollar weakness to defend gains below 1.2100. Brexit pessimism, mixed UK PMIs probe the upside momentum during Thanksgiving holiday in the US. Dovish Fed minutes and downbeat US statistics weigh down on the dollar.


At the time of writing, USD/JPY is down 0.2% having fallen from a high of 139.60 and has reached a low of 139.25 into the Tokyo open with the greenback still reeling from a dovish set of Federal Open Market Committee meeting minutes.


The AUD/USD pair is marching firmly towards the round-level hurdle of 0.6800 in the early European session. The asset has gained immense buying interest from the market participants as the US dollar index (DXY) has extended its losses. A stellar improvement in investors’ risk appetite has underpinned the Aussie Dollar. The major has continued its two-day winning spell and is prepared to display more upside amid upbeat market sentiment.


NZD/USD is advancing firmly after overstepping the critical resistance of 0.6250 in the Asian session. The Kiwi Dollar has gained significant traction as the extent of optimism is skyrocketing in the currency market. The asset has continued its two-day winning streak and has refreshed its three-month high at 0.6270.


USD/CAD holds on the bearish bias as it refreshes the weekly low near 1.3350 during early Thursday. In doing so, the Loonie pair reverses the previous week’s gains, the first in five, amid recently firmer prices of WTI crude oil and a broad-based US Dollar weakness.


The USD/CHF pair is hovering around 0.9423 in the early Asian session after two consecutive ultra-bearish sessions. Bears have snapped a six-day recovery in the past two trading sessions led by soaring investors’ risk appetite. Less-hawkish cues from Federal Open Market Committee (FOMC) minutes triggered a sell-off in the Greenback.


There are signs that China and India are pulling back from buying Russian crude oil ahead of the Group of Seven nations’ proposed price cap and a European Union ban on imports. However, the more important question for the market is whether any slowing by China and India of purchases from Russia is a temporary factor that will be reversed once participants figure out how to work with, or around, the price cap.


Gold price is rejoicing fresh bids above the $1,750 psychological level in what seems to be another down day for the USD. Investors are likely to hold the recent upside in Gold price amid holiday-thinned light trading conditions on account of Thanksgiving Day in the United States this Thursday.

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