4 Global Market Updates- 6 October, 2022

 

In this article, we have covered the highlights of global market news about the EUR/USD, GBP/USD, USD/JPY and USD/CAD.

EUR/USD: Parity increasingly challenging to achieve – ING

On Wednesday, the EUR/USD displayed resistance near the 1.0000 level before reversing course. ING economists predict the pair to continue to trade below parity.

“Given the hesitation to become more bullish on the euro into what should be a difficult winter for the eurozone, a sustained recovery to levels above parity in EUR/USD might now only be driven by markets buying more aggressively into the Fed pivot story and/or other drivers offering sustained support to risk assets,” the report said.

For the time being, we feel confident in confirming our projection for EUR/USD to remain under pressure in the last months of the year in the range of 0.90-0.95.

“While markets wait for further information on the planned oil price ceiling, the fresh package of EU penalties probably point to a protracted standoff with Russia.”

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