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30.12.2022 Market Report


EUR/USD is trading on the defensive at around 1.0650 in the early European morning. The pair is undermined by a broad-based US Dollar rebound, as investors resort to repositioning on the last trading day of 2022.


GBP/USD reverses the previous day’s gains, the biggest in two weeks, while taking offers to refresh the intraday low around 1.2040 heading into Friday’s London open. In doing so, the Cable pair justifies the downbeat signals surrounding the British economy, as well as the recent pause in the downside of the US Treasury yields and the US Dollar.


USD/JPY is licking its wounds at around 132.50, in the red for the second consecutive day. The pair remains under pressure amid increased repatriation flows into the Yen heading into the year-end. Weak US Treasury yields also weigh on the major. 


AUD/USD justifies its risk-barometer status while easing to 0.6765 during early Friday, after rising the most in a week the previous day. The Aussie pair’s latest weakness could be linked to the receding optimism amid downbeat headlines surrounding China. Adding strength to the bearish bias could be the Aussie Consumer sentiment-linked updates. However, downbeat US Treasury yields and the People’s Bank of China’s (PBOC) actions seem to challenge the pair sellers of late.


The NZD/USD pair has dropped to near intraday low at 0.6316 in the Asian session as the US Dollar Index (DXY) has attempted a recovery after dropping to near 103.50. The New Zealand Dollar has witnessed selling pressure as COVID-19 situation in China is getting more vulnerable.


USD/CAD is displaying a sideways performance in the early European session as investors are hesitating in building positions ahead of the long weekend. The Loonie asset is displaying a lackluster performance in a narrow range around 1.3550 amid indecisiveness in the global markets towards inflation projections for CY2023.


USD/CHF licks its wounds near 0.9235 after declining to fresh lows since March. That said, the quote’s previous weakness could be linked to the US Dollar weakness, which in turn tracked downbeat US Treasury bond yields. However, the lack of major data/events and the year-end holiday mood seem to restrict the pair’s immediate moves.


U.S. crude oil settled lower Thursday, as a surprise build in U.S. weekly crude stockpiles and ongoing worries about the demand outlook amid surging cases in China weighed.


Gold price is looking to extend the previous rebound, as bulls remain on track to recapture the critical $1,825 mark on the final trading day of this year. Gold price is headed for the second straight yearly drop, losing nearly 1%, as the US Federal Reserve (Fed) stepped up its tightening game in order to fight stubbornly-high inflation.

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