EUR/USD is holding gains below 1.0700, starting off the week on a positive note on Monday. The pair is receiving upward support, courtesy of a better market mood and a broad US Dollar pullback. German Bundesbank’s monthly report eyed.
The GBP/USD pair attracts some buying on the first day of a new week and reverses a part of Friday’s slide to the 1.2380-1.2375 area, or its lowest level since June. Spot prices currently trade around the 12400 round figure and draw some support from a softer US Dollar (USD), though any meaningful appreciating move still seems elusive.
The USD/JPY pair consolidates in a narrow range after retracing from the 147.95 area during the early European session on Monday. Markets turn cautious ahead of the key event from both the Federal Reserve (Fed) and Bank of Japan (BoJ) this week. The major currently trades near 147.68, losing 0.11% on the day.
The AUD/USD pair recovers its losses after retracing from a two-week high of 0.6473 during the early European session on Monday. The pair is trading at 0.6445, gaining 0.24% on the day. Market players prefer to wait on the sidelines ahead of the monetary poly meeting of the Reserve Bank of Australia (RBA) and the Federal Reserve (Fed).
NZD/USD starts the week on a positive note, trading higher around 0.5910 during the Asian session on Monday. The pair is experiencing upward support ahead of the interest rate decision by the US Federal Reserve (Fed) scheduled on Wednesday.
The USD/CAD pair kicks off the new week on a subdued note and remains well within the striking distance of a two-week low set on Friday. Spot prices, however, manage to hold above the 1.3500 psychological mark through the Asian session, though struggle to attract any meaningful buying in the wake of a modest US Dollar (USD) weakness.
The USD/CHF pair trades directionless around 0.8950 in the European session. The Swiss Franc asset struggles to find a decisive move as investors shift focus to the interest rate decision by the Federal Reserve (Fed) and the Swiss National Bank (SNB), which will be announced next week.
Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world’s top crude importer.
Gold price attracts some buying for the third successive day on Monday and steadily climbs back closer to the $1,930 supply zone during the Asian session. The XAU/USD might now be looking to build on its recent goodish rebound from the $1,900 round figure.
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