4 Global Market Updates- 3 November, 2022

 

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

USD/CNH: More gains are still possible, according to UOB

There is still space for USD/CNH to advance shortly, according to UOB Group economist Lee Sue Ann and markets strategist Quek Ser Leang. 24-hour view: “We said yesterday that we anticipate US Dollar to trade within a range of 7.2500/7.3400 and that the “choppy action is likely part of a wide sideways range.” In NY trading, the US Dollar temporarily fell to a low of 7.2614 before rising to 7.3480. Although there is room for the quick advance to continue, a breach of 7.3600 is improbable. Support is located at 7.3200, then 7.3000.

Within the next three weeks: “Our update from yesterday (November 02, time at 7.3020) remains valid. As was said, even though the rising momentum has not strengthened, there is still a potential for the US Dollar to go higher as long as the level of 7.2400 (which remains a “strong support” level from yesterday) is not crossed. However, it seems doubtful that 7.3745 will be broken.

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