4 Global Market Updates- 28 November, 2022

 

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

USD/CAD declines from its one-week high but remains solidly bid around the 1.3430–35 range.

On the opening day of a new week, the USD/CAD pair builds on Friday’s upward movement and gains some momentum. However, during the early European session, spot prices pare back some of their intraday gains to reach a one-week high before falling below mid-1.3400s.

Investors are still concerned that China, the world’s top oil importer, could see a decline in gasoline consumption due to the deteriorating COVID-19 scenario. This, in turn, weakens the commodity-linked Loonie and pushes crude oil prices to a new YTD low. Aside from this, a slight rise in the US Dollar’s value, supported by the cautious atmosphere, provides some support for the USD/CAD pair.

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