EUR/USD
EUR/USD edges lower to around 1.1765 during the early European session on Monday. The renewed concerns about a global trade war and tariff uncertainty weigh on the shared currency. US Treasury Secretary Bessent said on Sunday that Trump will send letters to some trading partners, warning that tariffs could revert to April 2 levels on August 1.
GBP/USD
The GBP/USD pair extends its losses for the second successive session, trading around 1.3620 during the Asian hours on Monday. The bullish bias persists as the daily chart’s technical analysis indicates that the pair remains within the ascending channel pattern.
USD/JPY
The Japanese Yen (JPY) continues with its relative underperformance against a broadly stronger US Dollar (USD), pushing the USD/JPY pair back above the 145.00 psychological mark during the Asian session. Investors remain worried about the potential economic fallout from steep US tariffs, especially after President Donald Trump threatened last week to impose more levies on Japan over its alleged unwillingness to buy American-grown rice. This, in turn, could squeeze corporate profits and potentially undermine future wage growth, which could complicate the Bank of Japan’s (BoJ) monetary policy normalization schedule and undermine the JPY.
AUD/USD
The Australian Dollar (AUD) depreciates against the US Dollar (USD) on Monday, continuing its losing streak for the third successive session. The AUD/USD pair depreciates due to renewed tariff concerns as US President Donald Trump may send out 12 or 15 letters on tariffs later in the day, with the expectation that trade deals or letters with most nations will be done by July 9.
NZD/USD
The NZD/USD pair extends the decline to around 0.6035 during the Asian trading hours on Monday. The New Zealand Dollar (NZD) weakens against the Greenback amid tariff uncertainty triggered by US President Donald Trump. The Reserve Bank of New Zealand (RBNZ) interest rate decision and the Federal Open Market Committee (FOMC) Minutes will be the highlights on Wednesday.
USD/CAD
The USD/CAD pair trades with a positive bias for the second straight day on Monday and climbs to the 1.3920-1.3925 area during the Asian session. The uptick is sponsored by a combination of factors, though the lack of follow-through buying warrants caution for aggressive bullish traders.
USD/CHF
The USD/CHF pair trades broadly stable around 0.7950 during Asian trading hours on Monday. The Swiss Franc pair wobbles as investors await clarity on the additional import rates, which the United States (US) is prepared to impose on its trading partners that fails to strike a trade deal during the 90-day reciprocal tariff pause, ending July 9.
CRUDE OIL
Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations.
Gold price drops to a multi-day low on Monday amid modest USD strength. Fed rate cut bets and US fiscal concerns should act as a headwind for the USD. Geopolitical risks could further offer support to the safe-haven precious metal.
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