EUR/USD
EUR/USD continues its downward trend for the fourth consecutive session, hovering around 1.0920 during the Asian trading hours on Monday. The Euro faces downward pressure as the European Central Bank (ECB) prepares for its monetary policy decision on Thursday.
GBP/USD
The GBP/USD pair struggles to capitalize on Friday’s modest gains and attracts fresh sellers at the start of a new week. Spot prices currently trade around mid-1.3000s and remain close to a one-month low touched last Thursday amid a bullish US Dollar (USD).
USD/JPY
USD/JPY pares back gains to hold steady above 149.00 in Monday’s Asian trading. The pair meets fresh supply, as markets trade cautiously on geopolitical risks. However, a broad US Dollar strength could cushion the downside amid a holiday in Japan and the US.
AUD/USD
AUD/USD maintains the offered tone below 0.6750 in the Asian session on Monday. A stronger US Dollar, China’s deflationary pressures and escalating Mideast and China-Taiwan geopolitical tensions weigh on the pair ahead of Chinese trade data.
NZD/USD
The NZD/USD pair holds positive ground around 0.6095 during the early Asian session on Monday. However, the upside of the pair might be limited as firmer US September inflation lowers the odds of aggressive US Federal Reserve (Fed) cuts, which lift the Greenback.
USD/CAD
The USD/CAD pair gives up some of its intraday gains after posting a fresh two-month high to near 1.3780 in Friday’s New York session. The Loonie asset surrenders some gains after the release of the United States (US) Producer Price Index (PPI) and the Canadian Employment data for September.
USD/CHF
The USD/CHF pair wobbles near the 0.8560 mark in Monday’s European session. The Swiss Franc pair edges higher despite the US Dollar (USD) exhibits a subdued performance. The US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, falls slightly but remains close to an eight-week high of around 103.00.
CRUDE OIL
Oil prices fell by more than $1 a barrel, losing over 1.5% in early trading on Monday, after disappointing Chinese inflation data and a lack of clarity on Beijing’s economic stimulus plans stoked fears about demand.
Gold price attracts some sellers and snaps a two-day winning streak amid a bullish USD. Expectations for a less aggressive Fed easing underpin the US bond yields and the buck. Geopolitical risks and bets that the Fed will cut rates further limit losses for the XAU/USD.
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