Fundamental analysis GBPUSD, EURUSD, NZDUSD, AUDUSD, USDCAD, XAUUSD, Brent, WTI for 06.10.2021

As expected, the weakness of the U.S. currency is short-term. At the moment only the U.S. dollar is used by investors as an asset safe haven, amid worsening risks in the global economy. The debt ceiling issue still needs to be solved, the energy crisis is increasing price pressures in developed economies, and the epidemiological situation remains tense. In addition, another major Chinese real estate developer failed to meet its obligations on dividends, which may cause the fall of the entire construction sector in the Celestial Empire. Traders are waiting for Friday's employment data release, which is sure to have a significant impact on the market.

EUR/USD updated yearly lows. The energy crisis is getting worse in Europe, which contributes to the growth of inflation. At the same time, there are signs of a sharp slowdown in the euro area economy: industrial orders in Germany declined by 7.7% in just one month, and the volume of retail sales in the euro area in August, with the ECB's room for maneuver being very limited.

The British pound also fell on Wednesday after a brief correction. The British construction sector business activity statistics turned out to be negative. GBP/USD was under pressure from the ADP report that showed a 568 k increase in the number of non-farm payrolls.

AUD/USD and NZD/USD are recovering after falling during the Asian session. Regulators in both countries announced an interest rate decision the day before. As expected, the Australian central bank will continue to pursue a soft monetary policy. However, investors were expecting more decisive actions from the Reserve Bank of New Zealand, which raised its key rate by only 25 basis points. USD/CAD practically won back the losses of the current week amid the strengthening the US dollar. The CAD was also weakened by the drop in oil prices.

The price of Brent and WTI crude oil retreated from yearly highs amid a second consecutive week of growth in US inventories of major petroleum products. According to EIA, crude oil inventories are up 2.346 million barrels, gasoline inventories are up 3.256 million and distillate inventories are up 396 k.

XAU/USD demonstrates minimal growth, which is logical amid growing economic risks. At the same time, the volume of long positions in gold is significantly inferior to the volume of USD.