Fundamental analysis GBPUSD, EURUSD, NZDUSD, AUDUSD, USDCAD, XAUUSD, Brent, WTI for 14.10.2021
On Wednesday and Thursday, the U.S. dollar was losing ground against major currencies. Moderate pressure on the USD was put by falling treasury bond yields. In addition, published yesterday, the minutes of the last Fed meeting essentially gave no new information to investors. The regulator made it clear that QE cuts will start in mid-November, but more Fed officials are worried that high inflation will stay in place longer than previously forecast.
On Thursday the EUR/USD rally was interrupted by positive labor market statistics. The pair finally broke through the resistance of 1.1550, but a decline in initial jobless claims in the U.S. contributed to the loss of today's progress.
The British pound strengthened in the first half of the day and is currently showing minimal positive momentum. In the second half of the day, GBP/USD was declining after a speech by Bank of England spokesman Tenreyro, who voiced the problem of rising price pressures.
The Australian and New Zealand dollars are also declining in the second half of the day. Consumer inflation in the U.S. is showing signs of decline and the number of initial claims for unemployment benefits fell by 36 k from the previous month, while the total number of those receiving benefits fell by 134 k. AUD/USD looks more attractive asset than NZD/USD in the short term. After a long quarantine, the repeal of the social distancing measures is projected to lead to a forced recovery in economic activity in the country. USD/CAD continues to move in a steady downtrend thanks to high oil prices.
Global oil prices resumed growth on Thursday. Brent and WTI strengthened after the International Energy Agency's monthly report that improved demand forecasts for 2021-2022.
Gold posted its biggest daily gain so far in October. The total position on XAU/USD moved into neutral territory, which means that the volume of long positions increased significantly on Wednesday and Thursday, which allowed the trading instrument to reach the key 1800 level.