EUR/USD is hovering around 1.0900 at the start of the new trading week on Monday. The pair is holding last week’s corrective downside, allowing traders to take a sigh of relief amid a broad US Dollar retreat. Focus shifts to Germany’s IFO survey for fresh trading impetus.
GBP/USD keeps the late Friday’s corrective bounce off the short-term key support line near 1.2730 amid early Monday in London. In doing so, the Pound Sterling cheers the broad US Dollar retreat during sluggish markets with mixed catalysts.
The USD/JPY pair kicks off the new week on a softer note and erodes a part of Friday’s gains to the 144.00 neighbourhood, or a fresh high since November 2022. Spot prices trade around the 143.30 area during the Asian session, down just over 0.15% for the day, and for now, seems to have snapped a three-day winning streak.
The AUD/USD pair attracts some buying on the first day of a new week and recovers a part of Friday’s heavy losses to its lowest level since June 8. Spot prices climb back closer to the 0.6700 round-figure mark during the Asian session, though the uptick lacks bullish conviction and runs the risk of fizzling out rather quickly.
NZD/USD begins the trading week on a front foot, after posting the first weekly loss on four, as weekend news suggests fewer challenges to the risk appetite and allows the Kiwi pair to consolidate the latest moves. That said, the quote seesaws around 0.6150 after posting a gap-up opening amid early Monday in Asia.
USD/CAD clings to mild losses around 1.3160 while reversing the previous day’s corrective bounce off the nine-month low during early Monday. In doing so, the Loonie pair ignores downbeat Oil prices while cheering the US Dollar’s weakness amid cautious optimism in the market.
USD/CHF holds lower ground near the intraday bottom of around 0.8955 during the first loss-making day in three amid early Monday. In doing so, the major currency pair justifies hawkish remarks from Swiss National Bank (SNB) Chairman Thomas Jordan, as well as the broad cautious optimism in the market.
At the risk of reiterating, the message to the Saudis and the rest of OPEC+ is the same: More patience is needed with oil prices. Crude markets posted a weekly loss of about 4% after sliding for a fourth time in five days as recession fears triggered by aggressive rate hikes by leading central banks usurped typical optimism at this time of the year from summer travel.
Gold struggles to defend the corrective bounce off a three-month low marked in the last week, retreating from intraday top of late, amid mixed concerns about Russia and China. Also challenging the XAU/USD buyers is the cautious mood ahead of this week’s top-tier inflation signals from the US and Europe.
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