EUR/USD
The EUR/USD pair loses ground around 1.0935 during the early European session on Monday. The downtick of the major pair is backed by a stronger US Dollar and higher US Treasury bond yields. The US labor data on Friday cast doubt on the Federal Reserve’s rate cut expectation.
GBP/USD
GBP/USD halts its three-day winning streak, trading around 1.2700 psychological level during the early European hours on Monday. The GBP/USD pair seems to face a critical juncture, with the possibility of a break below the psychological level.
USD/JPY
The USD/JPY spiked to a near-term high at the 146.00 handle early Friday in the broad-market run-up to the US Nonfarm Payrolls release, which surged above market forecasts and sent the US Dollar (USD) back down against the Japanese Yen (JPY) as markets weighed odds of Federal Reserve (Fed) rate cuts in the face of a still-firm US labor market.
AUD/USD
The AUD/USD pair trades on a softer note above the 0.6700 mark during the early Asian session on Monday. The recovery of the US Dollar (USD) from its late December low drags the AUD/USD lower. Investors await the US Consumer Price Index (CPI) this week for fresh impetus. This figure could trigger the volatility of the pair in the near term. The pair currently trades near 0.6712, down 0.03% on the day.
NZD/USD
The NZD/USD pair gains traction during the early Asian session on Monday. The uptick of the pair is bolstered by the softer US Dollar (USD) across the broad. The US inflation data, as measured by the Consumer Price Index (CPI) on Thursday, might offer hints about additional evidence of price pressures. At press time, NZD/USD is trading at 0.6256, gaining 0.19% on the day.
USD/CAD
The USD/CAD pair ticks higher during the Asian session on the first day of a new week, albeit lacks follow-through buying and remains confined in Friday’s broader trading range. Spot prices currently trade just above mid-1.3300s and seem poised to prolong the recent goodish recovery move from a five-month low touched in December.
USD/CHF
The USD/CHF pair gains momentum during the early European trading hours on Monday. The recovery of the US Dollar (USD) and higher US Treasury bond yields lend some support to the pair. USD/CHF currently trades near 0.8515, up 0.13% on the day.
CRUDE OIL
The oil market witnessed a decline as Saudi Arabia, the world’s largest oil exporter, reduced its official selling prices across all regions. This move by state-owned Saudi Aramco, which notably slashed the price of its Arab Light crude to Asia by $2 a barrel, indicates a response to global crude market weaknesses.
Gold price staged a goodish intraday recovery of around $40 from over a two-week low touched in the aftermath of the better-than-expected monthly employment details on Friday, albeit lacked any follow-through. The momentum ran out of steam near the $2,064 region amid the uncertainty about the Fed’s rate-cut trajectory.
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