EUR/USD is attempting a mild recovery toward 1.0900 early Monday, as the US Dollar bulls take a breather after the recent upsurge. Mixed ECB-speak and a cautious market mood could limit the further upside in the pair. EU Industrial Production and Economic Forecasts eyed.
GBP/USD edges higher on Monday, though any meaningful upside still seems elusive. A combination of factors continues to underpin the USD and should act as a headwind. The BoE’s less hawkish outlook might further contribute to capping gains for the major.
USD/JPY prints a three-day winning streak near 135.80 despite recently easing from the highest level in eight days as Tokyo opens on Monday. In doing so, the Yen pair takes clues from the broad US Dollar strength amid a risk-off mood, as well as cheers recently softer Japan data and dovish comments from Bank of Japan (BoJ) Governor Kazuo Ueda.
The AUD/USD pair is making efforts for keeping the auction above the immediate mark of 0.6440 in the early Asian session. The Aussie asset is expected to continue its downside journey as investors believe that the Federal Reserve (Fed) will raise interest rates further despite softening of United States inflation.
The NZD/USD pair is showing back-and-forth action below the 0.6200 mark in the early Tokyo session. Earlier, the Kiwi asset showed a perpendicular downside move as inventors run for the US Dollar Index (DXY) due to growing uncertainty.
The USD/CAD pair has turned sideways around 1.3553 after a solid opening in the Asian session. The Loonie asset is expected to remain lackluster as investors are awaiting the release of Canada’s Consumer Price Index (CP) and negotiations over US debt-ceiling talks for further guidance.
The USD/CHF pair is marching towards 0.9000 in the Asian session. The Swiss franc asset is looking to continue its two-day winning streak if it manages to overstep Friday’s high at 0.8988. The major is eyeing more gains as United States debt-ceiling issues have underpinned the risk-aversion theme.
Oil prices retreated further in Asian trade on Monday after logging four straight weeks of losses amid concerns over slowing economic growth, with focus now turning to more economic data and a slew of Federal Reserve speakers this week.
Gold price is attempting a tepid bounce at the start of the week on Monday, snapping a three-day downtrend. The United States Dollar (USD) has paused its upside momentum, as bulls take a breather after hitting weekly highs last Friday.
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