Fundamental analysis GBPUSD, EURUSD, NZDUSD, AUDUSD, USDCAD, XAUUSD, Brent, WTI for 04.11.2021

The market reaction to the results of the Fed meeting was mixed. As expected, the regulator announced the rollback of QE since November in the amount of 15 billion per month. It should be noted that Jerome Powell said that the pace of stimulus withdrawal may be adjusted, depending on macroeconomic indicators. It is noteworthy that the central bank has revised its attitude towards the estimates of the duration of high inflation, which indicates a possible forcing in the issue of tightening monetary policy. The market received a very clear signal from the Fed, but in the first hours, the dollar was declining against major currencies. With a high probability, it is connected with the fixing of the big volume of long positions. At the same time, the rally of the dollar this week is not over. Tomorrow there will be key data about the American labor market, which can be a medium-term driver for the dollar.

EUR/USD, meanwhile, is under pressure. Head of ECB Christine Lagarde said that despite the recovery of economic activity in the Eurozone, the regulator has no intention to change the monetary policy parameters before 2023. The ECB is going its own way, unlike most major central banks, and so far Investizo sees a loss of control over the situation, rather than a rational path to recovery.

The Bank of England's monetary policy meeting was held today. Despite the forecasts, the regulator did not cut QE against the backdrop of rising price pressures. The key rate has remained at a low level, and while recently there have been discussions about the need to move to a more ambitious action, but in fact, only 2 officials are willing to revise the monetary policy parameters. The GBP/USD made a new monthly low and in case of a strong report on the U.S. jobs market, the pair will continue falling towards 1.3400.

AUD/USD and NZD/USD lost investor interest, amid a strong dollar. The Australian currency is in a more vulnerable position, as evidenced by the loss of control over Treasury yields from the Australian regulator. The New Zealand currency is firmer due to the strong labor market report for Q3 and also the regulator's intention to raise its key rate at the next meeting. USD/CAD is testing resistance at 1.2470. The Canadian currency is declining amid falling prices on the hydrocarbons market.

Brent and WTI traded multidirectional on Thursday. Pressure on oil was formed amid growing inventories of major oil products in the U.S. Investors are waiting for the outcome of the meeting of the OPEC+ agreement participants.

Gold today is again trying to overcome the strong psychological level of 1800. XAU/USD has strengthened against the background of the market participants' refusal to invest in high-risk assets. At the same time, the metals market is too heavily dependent on macroeconomic statistics from the U.S., which limits interest in gold as a "safe haven asset.