EUR/USD
The EUR/USD pair kicks off the new week on a subdued note and oscillates in a narrow band below mid-1.1400s during the Asian session. Spot prices, however, remain within striking distance of a nearly two-week high, touched last Thursday, amid mixed fundamental cues.
GBP/USD
The GBP/USD pair struggles to capitalize on last week’s strong move higher and oscillates in a narrow band, around the 1.3350 area during the Asian session on Monday. Moreover, spot prices remain below a technically significant 200-day Simple Moving Average (SMA), warranting caution before positioning for an extension of the recent recovery from the 1.3140 zone, or the year-to-date low touched in June.
USD/JPY
The USD/JPY pair builds on its goodish recovery from the 160.50-160.45 region, or over a two-week low touched on Friday, and gains strong follow-through traction for the second straight day on Monday. The strong intraday move higher lifts spot prices back closer to the 162.00 mark during the Asian session, keeping traders on high alert amid expectations of a possible intervention by Japanese authorities.
AUD/USD
AUD/USD declines after two days of gains, trading around 0.6930 during the Asian hours on Monday. The currency pair loses ground following the release of TD-MI Inflation Gauge data, which came in at -0.4% month-over-month, against the -0.3% prior.
NZD/USD
NZD/USD depreciates after two days of gains, trading around 0.5690 during the Asian hours on Monday. The pair loses ground as the New Zealand Dollar (NZD) weakens following the ANZ World Commodity Price Index, which fell 1.0% in June as easing Middle East tensions and lower oil prices weighed.
USD/CAD
USD/CAD gains ground for the second consecutive day, trading around 1.4210 during the Asian hours on Monday. The upside of the pair could be restrained as the commodity-linked Canadian Dollar (CAD) could receive support from higher oil prices.
USD/CHF
USD/CHF heads for its first weekly loss in five weeks as weaker-than-expected US Nonfarm Payrolls (NFP) data released on Thursday weighed on the US Dollar (USD). The pair rebounds on Friday as the Greenback stabilizes, with traders reassessing the Federal Reserve’s (Fed) interest rate outlook.
CRUDE OIL
Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.
Gold (XAU/USD) attracts fresh sellers following an Asian session uptick to levels above the $4,200 mark, or a two-week top, and, for now, seems to have snapped a three-day winning streak. The US Dollar (USD) attracts some safe-haven flows amid tensions over the Strait of Hormuz and undermines the bullion. However, receding US Federal Reserve (Fed) rate hike bets hold back USD bulls from placing aggressive bets. Furthermore, persistent central bank buying turns out to be another factor lending support to the non-yielding yellow metal.
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.
