EUR/USD
EUR/USD remains steady after gains in the previous session, hovering around 1.0860 during Monday’s Asian trading hours. A potential downside looms as speculation about a 50-basis-point rate cut by the Federal Reserve (Fed) in November has been dispelled by recent data showing the US economy’s resilience.
GBP/USD
The GBP/USD pair struggles to capitalize on modest recovery gains registered over the past two days and oscillates in a narrow range, around the 1.3050-1.3045 region during the Asian session on Monday. Spot prices remain well within striking distance of a one-month low touched last Thursday and seem vulnerable to prolong the recent retracement slide from the 1.3435 area, or the highest level since March 2022.
USD/JPY
USD/JPY has come under renewed selling pressure and tests 149.00 in Monday’s Asian trading. The renewed US Dollar weakness and a slightly cautious risk sentiment amid fresh Israeli strikes on Lebanon weigh down on the pair. The focus now remains on the Fedspeak.
AUD/USD
AUD/USD extends recovery gains above 0.6700 in the Asian session on Monday. The PBOC’s bigger-than-expected cut to the mortgage lending rates, RBA Hauser’s prudent remarks and a softer US Dollar support the pair ahead of Fedspeak.
NZD/USD
The NZD/USD pair trades in positive territory near 0.6075 during the early Asian session on Monday. The pair edges higher amid the softer US Dollar (USD) broadly and the announcement of China rate cuts. Later on Monday, the Federal Reserve (Fed) Neel Kashkari and Jeffrey Schmid are scheduled to speak.
USD/CAD
The USD/CAD pair gathers strength to break above the 1.3800 mark in Monday’s Asian session. The Loonie pair remains firm as the Canadian Dollar (CAD) weakens on expectations that the Bank of Canada (BoC) could announce a super-size interest rate cut of 50 basis points (bps) in its monetary policy meeting on Wednesday.
USD/CHF
The USD/CHF pair holds onto gains near an eight-week high of 0.8670 in Monday’s Asian session. The Swiss Franc pair remains firm as traders have priced out expectations for the Federal Reserve (Fed) to cut interest rates by a larger-than-usual size of 50 basis points (bps) again in the November meeting.
CRUDE OIL
Oil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the world’s top oil importer, and an easing of concerns about potential supply disruptions in the Middle East.
Gold price holds its upside to near $2,725 in the Asian session on Monday. The uncertainty surrounding tensions in the Middle East and the US presidential election boosts the safe haven flows, keeping it close to fresh record highs.
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