{"id":74144,"date":"2022-10-18T03:27:45","date_gmt":"2022-10-17T23:27:45","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=74144"},"modified":"2022-10-18T03:31:19","modified_gmt":"2022-10-17T23:31:19","slug":"market-drivers-us-session-17-10-2022","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-17-10-2022\/10\/18\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session 17\/10\/2022"},"content":{"rendered":"\n

The US dollar was softer at the beginning of the trading week as UK news impacted global government bonds and the demand on the American currency.

The AUD\/USD pair trades around 0.6280 after failing to retain gains above 0.6300, while USD\/CAD is down to 1.3720, despite discouraging Canadian data. The Bank of Canada survey on business sentiment showed that it saw its worst drop since 2022.


US government bond yields recovered ahead of the close, ending the day pretty much unchanged, despite substantial gains among US indexes.

Economic Data
<\/strong>
Statistics New Zealand has released the third quarter Consumer Price Index inflation data. New Zealand CPI (Q\/Q) Q3 2.2% (est 1.5%; prev 1.7%) – CPI (Y\/Y) Q3 7.2% (est 6.5%; prev 7.3%). The data can support the prospects of rate hikes from the Reserve Bank of New Zealand.

Other Developments
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The GBP\/USD surged to 1.1439, to later finish the day at around 1.1350. UK\u2019s new Minister of Finance Jeremy Hunt announced the government would cancel most of the tax-related measures announced on September 23.

USD\/JPY extended its rally, now hovering around 149.00 despite Japanese Finance Minister Suzuki announcing they would respond to speculative moves while warning they are observing FX \u201cmotions.\u201d

Gold flirted with $1,670 a troy ounce but finished the day at around $1,647, easing ahead of Wall Street\u2019s close. Crude oil prices were under mild pressure, with WTI now trading at around $84.85 a barrel.

The Bank of Canada released on Monday the Business Outlook Survey for Q3. The report says that \u201cbusiness confidence has softened\u201d, \u201cmany firms expect slower sales growth as interest rates rise and demand growth shifts closer to pre-pandemic levels\u201d.

The USD\/CAD hovers near daily lows after the release hovering around 1.3735, weakened by a broader slide of the US dollar.

Regarding inflation, the report states there are early signs \u201cthat pressures on prices and wages have started to ease, but firms\u2019 inflation expectations remain high.\u201d

Also Read
<\/strong>Real Rates Could Impose Further Pressure On Gold<\/a><\/p>\n\n\n\n

USD\/JPY highest since June 1990s<\/a><\/p>\n\n\n\n

Wall Street stocks reverse worst Friday downtrend<\/a><\/p>\n\n\n\n

WTI records daily highs around $87<\/a><\/p>\n\n\n\n

GBP\/USD rallies as traders appreciate new minister\u2019s plan<\/a><\/p>\n\n\n\n

USD\/CHF reverses, extends below parity<\/a><\/p>\n\n\n\n

UK\u2019s Jeremy Hunt: Many difficult decisions to be announced<\/a> <\/p>\n\n\n\n

BoC: Though inflation eased, it is still elevated<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US dollar was softer at the beginning of the trading week as UK news impacted global government bonds and the demand on the American currency. The AUD\/USD pair trades around 0.6280 after failing to retain gains above 0.6300, while USD\/CAD is down to 1.3720, despite discouraging Canadian data. The Bank of Canada survey on …<\/p>\n","protected":false},"author":13,"featured_media":52669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7063,7034,6874,9351,6871],"class_list":["post-74144","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-aud-usd","tag-gbp-usd","tag-gold","tag-government-bond-yields","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=74144"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74144\/revisions"}],"predecessor-version":[{"id":74152,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74144\/revisions\/74152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52669"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=74144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=74144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=74144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}