EUR/USD
EUR/USD trades on the front foot below 1.0800 in the European morning on Monday. The US Dollar posts small gains amid holiday-thinned trading and repositioning ahead of Wednesday’s Fed Minutes. German Bundesbank’s monthly report is next in focus.
GBP/USD
GBP/USD is consolidating gains above 1.2600 in early Europe on Monday. The US Dollar experiences downward pressure, influenced by market sentiment leaning towards the delayed Fed rate cuts. A US holiday-thinned trading is likely to extend.
USD/JPY
USD/JPY edges lower to near 150.00 during the Asian session on Monday after registering a volatile session in the previous session. The Japanese Yen (JPY) cheers the improved Machinery Orders data from the country. However, the USD/JPY pair soared on better-than-expected Producer Price Index (PPI) data from the United States on Friday. However, gains were trimmed after dovish remarks on the Federal Reserve’s (Fed) policy from James Bullard, former president of the St. Louis Fed.
AUD/USD
The AUD/USD pair kicks off the new week on a positive note during the early Asian session on Monday. The uptick of the pair is supported by the decline of the US Dollar (USD). AUD/USD currently trades around 0.6530, losing 0.03% on the day.
NZD/USD
NZD/USD moves lower after registering profits for three consecutive days, edging lower to near 0.6090 during the Asian hours on Monday. The US Dollar (USD) improved on market optimism ahead of US Producer Price Index (PPI) data and Michigan Consumer Sentiment Index.
USD/CAD
The USD/CAD pair trades on a weaker note below 1.3500 during the early Asian session on Monday. US and Canadian markets are closed on Monday due to the President’s Day holiday and Family Day, respectively. Investors will take more cues from the Canadian Consumer Price Index (CPI) for January, which is estimated to ease to 3.2% YoY from 3.4% in December. USD/CAD currently trades around 1.3480, gaining 0.02% on the day.
USD/CHF
USD/CHF recovers its recent losses on a stronger US Dollar (USD), which could be attributed to the risk-off sentiment. Additionally, improved US Treasury yields are supporting the Greenback to hold ground, which in turn, underpins the USD/CHF pair. The pair edges higher to around 0.8810 during the European session on Friday.
CRUDE OIL
Oil prices fell slightly in Asian trade on Monday amid persistent concerns over a looming demand slowdown, which largely offset fears of potential supply disruptions from new attacks in the Red Sea.
Oil prices fell slightly in Asian trade on Monday amid persistent concerns over a looming demand slowdown, which largely offset fears of potential supply disruptions from new attacks in the Red Sea.
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