4 Global Market Updates- 9 December, 2022

 

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

USD/CAD rises from 50 DMA on negative oil prices; weaker US Dollar may curb gains

On the last day of the week, the USD/CAD pair successfully defends the 50-day SMA and draws some buyers at the 1.3570-1.3565 region. During the early half of the European day, spot prices surge over the 1.3600 level and partially undo the previous day’s retracement decline from a one-month high.

Because of concerns that a worse global economic slowdown may reduce gasoline consumption, crude oil prices have been stuck at the YTD low. In addition, the Bank of Canada’s dovish 50 bps rate rise earlier this week is regarded as weakening the commodity-linked Loonie and helping the USD/CAD pair. In contrast, the upward potential is constrained given the pervasive US Dollar selling tendency.

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