Philly Fed continues to fall; US Dollar doesn’t seem concerned

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Philly Fed continues to fall; US Dollar doesn’t seem concerned

The worsening COVID-19 situation drives haven flows towards the Japanese Yen, which is seen exerting downward pressure on the USD/JPY pair. In fact, China reported a record-high number of daily infections on Saturday, forcing the government to impose strict anti-COVID measures DotBig account in several cities. Moreover, public discontent over the zero-COVID policy flared protests across China and raises concerns about a further slowdown in economic activity. This, in turn, keeps investors on the edge and boosts demand for traditional safe-haven assets.

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  • The situation of protests in China along with slogans of ‘democracy not dictatorship’ has triggered the risk of civil war.
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  • Open interest in gold futures markets extended the downtrend for yet another session on Friday, this time shrinking by nearly 4K contracts according t…

The anti-risk flow extends some support to the safe-haven US Dollar and turns out to be a key factor dragging the NZD/USD pair lower for the second straight day. That said, the prospects for a less aggressive policy tightening by the Fed keep a lid DotBig company on any further gains for the greenback and should help limit losses for the major. In the meantime, the European currency is expected to closely follow dollar dynamics, the impact of the energy crisis on the region and the Fed-ECB divergence.

Gold: Next on the upside comes $1,786

EUR/USD remains pressured around 1.0380, after beginning the week’s trading with a downside gap, as the risk-off mood underpins the US Dollar’s demand during Monday’s Asian session. The November FOMC meeting minutes released last week cemented bets for a relatively smaller 50 bps rate hike by the US central bank in December. This is reinforced by the ongoing downfall Forex news in the US Treasury bond yields, narrowing the US-Japan rate differential. Apart from this, the risk-off mood benefits the safe-haven Japanese Yen and contributes to the USD/JPY pair’s intraday decline. The global risk sentiment takes a hit amid the worsening COVID-19 situation in China and drives flows away from the perceived riskier Australian Dollar.

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According to the report, the Sterling is a major reserve currency, accounting for 5% of global foreign exchange reserves while the United Kingdom accounts for only 3% of global GDP. The headline Consumer Price Index in Tokyo escalated to 3.8% vs. the consensus of 3.6%. Going forward, Australian monthly Consumer Price Index data will remain in focus. This might force the RBA chair Philip Lowe to reconsider the decision to a shift to lower rate hike structure. To sum up, black gold could witness further downside as fears of demand depletion joins the hopes of higher supplies. However, talks surrounding the Russian oil price cap will be crucial for the near-term directions, in addition to the Covid-linked headlines.


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