EUR/USD
EUR/USD pulls back to trade below 1.1200 in European trading on Monday. The pair feels the pull of gravity, thanks to a modest US Dollar rebound and a tepid risk tone. The focus shifts to Germany’s IFO and US Durable Goods data for fresh impetus.
GBP/USD
GBP/USD is off multi-month highs to tread water near 1.3200 early Monday. The US Dollar attempts a minor recovery amid souring risk sentiment, acting as a headwind for the pair. Middle East geopolitical risks and US Durable Goods data are closely eyed.
USD/JPY
The Japanese Yen (JPY) continues to strengthen for the second consecutive day as Bank of Japan Governor Kazuo Ueda’s hawkish remarks contrast with Federal Reserve Chair Jerome Powell’s dovish stance.
AUD/USD
The Australian Dollar (AUD) edges lower, still hovering around a seven-month high of 0.6798 on Monday. However, the AUD/USD pair gained ground due to the rising risk-on sentiment following the dovish speech from the US Federal Reserve (Fed) Chairman Jerome Powell at the Jackson Hole Symposium on Friday.
NZD/USD
NZD/USD trades around 0.6210 after pulling back from a seven-month high of 0.6236, marked on Friday. However, the downside of the NZD/USD pair could be limited due to the dovish sentiment surrounding the US Federal Reserve (Fed) regarding its policy outlook.
USD/CAD
The USD/CAD pair remains under some selling pressure around 1.3510 on Monday during the Asian trading hours. The US Dollar (USD) edges lower after Federal Reserve (Fed) Chair Jerome Powell signalled that time has come for interest rate cuts starting this September.
USD/CHF
USD/CHF edges lower as the US Dollar (USD) loses ground ahead of the US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium. The USD/CHF pair trades around 0.8520 during the Asian session on Monday.
CRUDE OIL
Oil prices extended gains on Monday on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies, while imminent U.S. interest rate cuts lifted the global economic and fuel demand outlook.
Gold price consolidates the previous week’s gains above $2,500 at the start of the week on Monday. Gold buyers catch a breather after recording the second consecutive weekly gain while reverting toward the all-time high of $2,532.
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