EUR/USD
EUR/USD starts the week by extending its gains, trading around 1.0520 during the Asian session on Monday. This upside could be attributed to the decline in the US Dollar (USD) amid tepid US Treasury yields ahead of the Federal Reserve’s (Fed) interest rate decision set for Wednesday.
GBP/USD
The GBP/USD pair ticks higher at the start of a busy week and for now, seems to have snapped a three-day losing streak to the 1.2600 neighborhood, or over a two-week low touched on Friday. Spot prices currency trade around the 1.2630-1.2635 region, up 0.10% for the day, though any meaningful appreciation seems elusive ahead of this week’s key central bank event risks.
USD/JPY
USD/JPY looks to extend the five-day winning streak and tests 154.00 early Monday. Traders resort to cash in on their Yen longs, ignoring the upbeat Japanese data, ahead of the Fed and BoJ policy decisions later this week. The pair stands resilient to broad US Dollar weakness. US PMIs eyed.
AUD/USD
AUD/USD holds the bounce above 0.6350 in the Asian session on Monday, following the mixed Chinese data releases. The pair remains underpinned by the US Dollar pullback. Traders will keep an eye preliminary US PMI due later on Monday ahead of the Wednesday’s Fed interest rate decision.
NZD/USD
The NZD/USD pair attracts some buyers to near 0.5775, snapping the four-day losing streak during the Asian trading hours on Monday. The attention will shift to the preliminary US December Purchasing Managers Index (PMI) for fresh impetus, which is due later on Monday.
USD/CAD
USD/CAD inches lower after marking a multi-year high of 1.4245 on Friday, trading around 1.4230 during the Asian hours on Monday. This upside could be attributed to the subdued US Dollar (USD) amid tepid US Treasury yields ahead of the Federal Reserve’s (Fed) interest rate decision, with an increased likelihood of a 25 basis point rate cut in its final monetary policy meeting of 2024.
USD/CHF
The USD/CHF pair aims to revisit a five-month high of 0.8960 in Monday’s Asian session. The Swiss Franc pair ticks higher as the outlook of the Swiss currency has weakened across the board after the Swiss National Bank (SNB) surprisingly reduced its key borrowing rates by 50 basis points (bps) to 0.5% on Thursday.
CRUDE OIL
Oil prices inched lower in Asian trade on Monday as markets remained cautious ahead of the U.S. Federal Reserve’s policy meeting later this week, while investors assessed a barrage of Chinese economic data for more cues on demand.
Gold price looks to start the final full week of 2024 positively, clinging to $2,650 early Monday. The US Dollar pulls back alongside the US Treasury bond yields ahead of the S&P Global Preliminary US business PMI data due later this Monday.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
