Market Update - 28 November 2022

GBP/USD reverses an intraday dip amid the emergence of fresh selling around the USD. Bets for less aggressive rate hikes by the Fed, sliding US bond yields weigh on the buck. China’s COVID-19 jitters could offer support to the safe-haven USD and cap the major. (FXStreet)

The index fades Friday’s advance and returns to the sub-106.00 area. US yields gives away part of the recent gains on Monday. The Dallas Fed Manufacturing Index, Fedspeak come next in the docket. The greenback starts the week on the defensive and slips back to the area below the 106.00 mark when tracked by the USD Index (DXY). (FXStreet)

USD/CAD climbs to a one-week high and draws support from a combination of factors. Bearish Oil prices undermine the Loonie and act as a tailwind amid modest USD strength. Bets for less aggressive Fed rate hikes cap the Greenback and any further gains for the pair. (FXStreet)

USD/JPY meets with a fresh supply on Monday amid reviving demand for the safe-haven JPY. The narrowing of the US-Japan rate differential also underpins the JPY and weighs on the pair. A modest USD strength could offer some support to the major and help limit any further losses. (FXStreet)

EUR/USD pares intraday losses while also keeping bears hopeful. Downside break of two-week-old support line, bearish oscillators favor sellers. Fortnight-long resistance line, monthly high adds to the upside filters. (FXStreet)

NZD/USD remains under some selling pressure for the second successive day on Monday. A weaker risk tone benefits the safe-haven Greenback and weighs on the risk-sensitive Kiwi. Bets for less aggressive Fed rate hikes cap the USD upside and help limit losses for the pair. (FXStreet)

AUD/USD pokes short-term key support confluence as it braces for the biggest daily loss in a week. Convergence of 100-DMA, three-week-old ascending trend line probes sellers. MACD, RSI conditions tease sellers to aim for a two-month-long horizontal support zone. (FXStreet)

USD/CHF prints three-day uptrend as sour sentiment underpins US Dollar. China-linked woes join pre-data anxiety to favor USD/CHF bulls. Swiss Q3 GDP, Fed Chair Powell’s speech and US NFP are the key calendar events. Headlines surrounding China are also important for clear directions. (FXStreet)

USD/INR retreats from intraday high as softer oil prices favor INR bulls. Covid woes weigh on the market sentiment as traders begin the key week. India’s Q3 GDP will be crucial ahead of Fed Chair Powell’s speech, US NFP. (FXStreet)

Gold price has reclaimed $1,750.00 as the USD Index has failed to extend its recovery despite the risk-off mood. The speech from Federal Reserve chair Jerome Powell will trim ambiguity over interest rate slowdown chatters. Before United States NFP, US ADP Employment data will provide meaningful cues about the labor market status. Gold price is expected to remain on the sidelines ahead of Federal Reserve chair Jerome Powell’s speech and US ADP data. (FXStreet)

Friday’s strong decline in prices of natural gas was amidst diminishing open interest and volume and opens the door to the continuation of the underlying uptrend in the very near term and with immediate hurdle at the November high at $7.60 per MMBtu (November 23). (FXStreet)

Silver price (XAG/USD) bounces off the daily lows surrounding $21.00 to $21.25 as European traders brace for the key week on Monday. In doing so, the bright metal justifies the mixed signals from the options market, as well as the risk-off mood. (FXStreet)

Prices of the barrel of WTI extended the downtrend on Friday amidst rising open interest, which is supportive of the continuation of the downside in the very near term. Against that crude oil prices could revisit the key $70.00 mark per barrel sooner rather than later. (FXStreet)

Source: FXStreet, DailyFX

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