Market Update - 30 November 2022

GBP/USD regains some positive traction on Wednesday amid renewed USD selling bias. Bets for less aggressive Fed rate hikes and slugging US bond yields weigh on the buck. Bulls seem rather unaffected by dovish remarks from the BoE Chief Economist Huw Pill. Traders now look to US macro data for some impetus ahead of Fed Chair Powell’s speech. (FXStreet)

USD/CAD edges lower on Wednesday amid the emergence of some selling around the USD. Bets for less aggressive Fed rate hikes, a positive risk tone weighs on the safe-haven buck. A softer tone around Crude Oil prices undermines the Loonie and helps limit the downside. Traders now look to the US macro data for some impetus ahead of Fed Chair Powell’s speech. (FXStreet)

USD/JPY lacks any firm direction and seesaws between tepid gains/minor losses on Wednesday. Sluggish US bond yields keep the USD bulls on the defensive and act as a headwind for the pair. The Fed-BoJ policy divergence continues to lend support ahead of US data and Powell’s speech. (FXStreet)

EUR/GBP teases confirmation of a bullish chart pattern, reverses the previous day’s losses. 200-SMA adds to the upside filters, 0.8570 restricts short-term downside. RSI, MACD suggests further upside momentum toward the monthly high. (FXStreet)

USD/CAD snaps three-day uptrend, renews intraday low of late. Oil price cheers hopes of more demand from China, OPEC+ output cut. US Dollar seems bracing for hawkish comments from Fed’s Powell. US ADP Employment Change, Q3 GDP and Beige Book eyed as well. (FXStreet)

EUR/JPY has extended its recovery to near 143.50 as risk appetite is gaining traction. Analysts are having mixed views on guidance over Eurozone inflation. The odds of the ECB’s bigger rate hike will remain solid despite a marginal decline in Eurozone HICP. (FXStreet)

NZD/USD remains firmer for the second consecutive day. Kiwi bulls ignore downbeat NZ Building Permits, China PMIs amid cautious optimism. US Dollar snaps three-day uptrend as traders await Fed Chair Powell’s first speech since November meeting. (FXStreet)

AUD/USD picks up bids to poke intraday high, extend the previous day’s rebound. Hawkish bets on RBA slumped after disappointing Aussie inflation data. China PMIs fail to stop buyers amid Covid-linked optimism. Markets seem to prepare for the hawkish comments from Fed Chair Jerome Powell. (FXStreet)

USD/CHF retreats from weekly high to snap four-day uptrend. Previous resistance line of an immediate triangle, bullish MACD signals favor buyers. Convergence of 50-day and 100-day EMA challenges the upside moves. (FXStreet)

Tuesday’s continuation of the weekly upside in natural gas prices was amidst rising open interest and volume, which is indicative that further gains remain in the pipeline in the very near term. Against that, the commodity still faces the next up barrier at the November high at $7.60 per MMBtu (November 23). (FXStreet)

Gold prices have pushed up to a fresh weekly high this morning, continuing a bounce from support that began last week. Gold prices are working on their strongest month of performance since July of 2020, which was just before Gold set it’s all-time-high. It was a quick reversal last Wednesday in Gold. Prices pushed down to the support level I had looked at in Monday’s article plotted around 1737. That level held on Tuesday but on Wednesday, prices began to jump and the 1737 level hasn’t been back in-play since. Price has since moved up to and found resistance off of the next level up at 1759, with further forward drive this morning to test the next resistance level that I had listed at 1769. (DailyFX)

Silver seems to struggle to capitalize on its modest intraday uptick on Wednesday. Acceptance above the 200-hour SMA supports prospects for some meaningful gains. A sustained break below the $21.00 mark is needed to negate the positive outlook. (FXStreet)

Prices of the WTI Crude Oil rebounded markedly on Tuesday amidst rising open interest, which opens the door to potential gains in the very near term. Despite the bounce, Oil remains well under pressure and extra losses could now revisit the key $70,00 mark per barrel sooner rather than later. (FXStreet)

Source: FXStreet, DailyFX

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