4 Global Market Updates- 1 November, 2022

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

AUD/USD: Following RBA Lowe’s remarks, the rally stalls around 0.6450

AUD/USD is holding steady above 0.6400 after the recovery stalled above 0.6450 due to Governor of the Reserve Bank of Australia (RBA) Philip Lowe’s dovish comments. According to the head of the central bank, the “board has considered it reasonable to increase rates at a slower pace,” and “We are taking into consideration pressure from higher rates, inflation on family budgets.”

As was largely anticipated, the central bank increased the policy rate earlier this Tuesday by 25 basis points from 2.60% to 2.85% while lowering its growth forecasts for 2022 and the following two years. Following the RBA comments, the Australian dollar reverted near 0.6400 but soon grabbed a new wave of demand. The US dollar lost further ground amid a risk rally on Chinese indexes.

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