FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that AUD/USD briefly dipped to 0.6954 before rebounding strongly to 0.7022 as risk appetite improved and the US Dollar softened. They see the intraday move as overdone, expecting a 0.6985–0.7025 range, and have shifted to a neutral one-to-three-week stance, looking for consolidation between 0.6970 and 0.7040 after the prior downside break failed.

OCBC’ strategists Sim Moh Siong and Christopher Wong report that Silver has outperformed Gold, gaining nearly 5% as precious metals recovered on a softer USD and lower yields. The rebound is linked to Silver’s higher sensitivity to monetary conditions and prior positioning washout.

Swiss National Bank (SNB) Chairman Martin Schlegel said the policy rate remains the central bank’s main tool during a speech titled “Transmission and conduct of monetary policy in Switzerland” at a conference in Zurich on Thursday.

Commerzbank’s Antje Praefcke notes that EUR/USD has been firm as the Dollar suffers from political fallout in the US and Euro area inflation hits 4%.

Cleveland Federal Reserve President Beth Hammack argued on Thursday that gradual rate hikes are less disruptive to the economy and the financial system, per Reuters.

Binance, the largest cryptocurrency exchange, announced on Thursday that it revoked the Application Programming Interface (API) keys linked to SignalPlus, a third-party institution-grade technology firm. The exchange said that the move was a precautionary measure due to a potential security threat.

Silver (XAG/USD) struggles to extend gains on Thursday after surging 5.18% the previous day, as a rebound in the US Dollar (USD) and Treasury yields takes some momentum out of the rally.

Nomura strategists highlight a downside surprise in Sweden’s October CPIF and CPIF ex-energy inflation.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance decreased to 189K for the week ending October 31.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report that USD/CHF slid to 0.8124 before rebounding to 0.8168, with intraday price action expected to consolidate between 0.8125 and 0.8185.

TD Securities strategists argue that a Democratic blue sweep is modestly negative for the US Dollar (USD) via relative equities, rates and growth.

Bank of England (BoE) Governor Andrew Bailey speaks on the policy outlook and responds to questions from the press following the decision to raise the policy rate by 25 basis points (bps) to 4% after the November meeting.

Bank of England (BoE) Governor Andrew Bailey speaks on the policy outlook and responds to questions from the press following the decision to raise the policy rate by 25 basis points (bps) to 4% after the November meeting.

The British Pound (GBP) struggles for direction against the Euro (EUR) on Thursday as the Bank of England’s (BoE) interest rate hike draws a muted market reaction, with the move already priced in.

OCBC strategists Sim Moh Siong and Christopher Wong note that Gold has rebounded following the US midterm elections, supported by a weaker US Dollar (USD), lower Treasury yields and softer Oil prices, reclaiming the $4,000 level.