Price movements in the market remain uncertain, especially in the US dollar currency, which experienced changes in every exchange session on Wednesday yesterday.
In addition to questions about the monetary policy of the Federal Reserve (Fed) that arose ahead of next week's FOMC meeting, market sentiment also played a big role in moving prices in the current market.
After a flat movement in the Asian session, the US dollar moved lower in the European session as the market focused on reports of developments in China when the country announced to end the zero-Covid policy and will introduce new methods in curbing the spread of the virus.
However, the US dollar is seen to strengthen slightly again when the market enters the New York session.
This is driven by the tension of the Russia-Ukraine war again when, most recently, President Vladimir Putin warned of a nuclear war, stating that nuclear weapons will be used as a defense.
Before moving weakly, the Euro currency had shown strengthening against the US dollar in the European session when updated European economic growth data for the third quarter showed better readings.
The results of the European central bank (ECB) meeting next week will also be awaited along with the FOMC meeting.
Focusing on yesterday's New York session, the Bank of Canada (BOC) made a surprise by announcing that interest rates were raised by 50 basis points, compared to the previous expectation of 25.
Interest rates recently rose to 4.25% and policymakers signaled that the central bank would continue to tighten monetary policy.
Supporting the move is based on the observation of Canada's economic growth in the third quarter which was encouraging while the unemployment rate was also near the lowest level on record.
Canada's commodity exports are also seen to be strong to support policy tightening by the central bank while the inflation rate is still at 6.9%.
Gold trading showed a slight increase in prices on Wednesday yesterday as the US dollar traded gloomy in the European session, supporting the price to the level of $1,790 again.
