EUR/USD
EUR/USD holds the recent uptrend above 1.1700 in European trading on Monday. The pair stays supported by a weaker US Dollar amid increased bets of a September Fed rate cut and concerns over US President Trump’s trade talks. All eyes remain on Germany’s inflation data after a disappointing Retail Sales report.
GBP/USD
GBP/USD stays firm above 1.3700 in the European session on Monday. Broad US Dollar weakness on trade and fiscal concerns, alongside dovish Fed expectations, underpin the major ahead of Fedspeak. The focus remains on Tuesday’s speeches by Bailey and Powell.
USD/JPY
The USD/JPY pair attracts some sellers to around 143.85 during the Asian session on Monday. The US Dollar (USD) weakens against the Japanese Yen (JPY) amid rising bets of Federal Reserve (Fed) interest rate cuts. Later on Monday, the Atlanta Fed President Raphael Bostic and Chicago Fed President Austan Goolsbee are set to speak.
AUD/USD
AUD/USD gains ground after registering losses in the previous session, trading around 0.6540 during the Asian hours on Monday. The pair remains stronger following the release of economic data from Australia.
NZD/USD
The NZD/USD pair trades in positive territory for six consecutive days around 0.6080 during the early European session on Monday. Rising bets of Federal Reserve (Fed) interest rate cuts weigh on the US Dollar (USD) against the New Zealand Dollar (NZD). The Fed officials are set to speak later on Monday, including Raphael Bostic and Austan Goolsbee.
USD/CAD
USD/CAD loses ground, trading around 1.3670 during the Asian hours on Monday. The Canadian Dollar (CAD) gains ground following the statement from Canada’s Finance Ministry on Sunday that it will rescind the digital services tax to advance broader trade negotiations with the United States (US). Canada’s PM Mark Carney and President Donald Trump agreed that parties will resume negotiations to agree on a deal by July 21.
USD/CHF
The Swiss Franc appreciates further, as the USD/CHF hits levels below 0.8000 for the first time since September 2011. The US Dollar is tumbling on a mix of improving appetite for risk and weak US data that is feeding hopes of Fed rate cuts.
CRUDE OIL
Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.
The Gold price recovers some lost ground during early European trading hours on Monday. Rising bets that the Fed will cut rates more times this year and possibly sooner than previously expected might undermine the Greenback and support the USD-denominated commodity price as a weaker USD makes Gold cheaper for foreign buyers.
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