EUR/USD
EUR/USD extends its gains for the third successive day, trading around 1.0430 during the Asian hours on Monday. The upside of the pair could be attributed to the remarks from the European Central Bank (ECB) Governing Council member Robert Holzmann.
GBP/USD
The GBP/USD pair extends its gains for the second consecutive day, trading near 1.2580 during the Asian session on Monday. The upward movement can be attributed to the subdued US Dollar (USD) amid lighter-than-usual trading volumes ahead of the New Year holiday.
USD/JPY
The Japanese Yen (JPY) remains stronger against the US Dollar (USD) on Monday. The USD/JPY pair remains subdued as the Japanese Yen (JPY) strengthens on the likelihood of the Bank of Japan (BoJ) raising interest rates in January following the release of Tokyo Consumer Price Index (CPI) inflation data last week.
AUD/USD
The AUD/USD pair holds positive ground around 0.6220 during the early Asian session on Monday. However, the potential upside of the pair might be limited as markets continue to digest the US Federal Reserve’s (Fed) hawkish pivot. The market will likely be quiet heading into the last week of 2024.
NZD/USD
The NZD/USD pair moves higher to near 0.5630 in Monday’s Asian session. The Kiwi pair gains as the US Dollar (USD) drops in a holiday-thinned trade. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, ticks lower to near 107.90.
USD/CAD
The USD/CAD pair trades in a tight range around 1.4400 in Monday’s European session. The Loonie pair consolidates as trading activity has muted in a holiday-curtailed week. The US Dollar (USD) trades sideways, but its outlook remains broadly firm on expectations that the Federal Reserve (Fed) will take a slower path of interest rate cuts compared with other central banks.
USD/CHF
USD/CHF recovers its recent losses from the last two sessions amid thin trading activity following the Christmas holiday, trading around 0.9000 during the European hours on Monday. This upside of the USD/CHF pair could be attributed to a stronger US Dollar (USD), driven by growing expectations of fewer rate cuts by the US Federal Reserve (Fed).
CRUDE OIL
Oil prices slipped lower on Monday in thin holiday trade ahead of the year-end as traders awaited more economic data from China and the U.S. later this week to assess growth in the world’s two largest oil consumers.
Gold price (XAU/USD) recovers its recent losses from the previous session, although trading volume is lighter on Monday than usual ahead of the New Year holiday.
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