EUR/USD
EUR/USD kicks off the new week on a positive note and climbs to the 1.1770 area during the Asian session in reaction to the optimism over a trade deal between the US and the European Union. Spot prices, however, struggle to capitalize on the strength as traders opt to move to the sidelines ahead of the FOMC meeting starting Tuesday.
GBP/USD
The GBP/USD pair posts modest gains near 1.3440 during the Asian trading hours on Monday. The latest optimism fueled by a trade deal between the United States and the European Union triggers a fresh wave of the global risk-on sentiment, which boosts the Pound Sterling.
USD/JPY
The Japanese Yen (JPY) rebounds slightly from a one-week low set against its American counterpart during the Asian session on Monday, though the intraday uptick lacks follow-through. Japan’s trade deal with the US keeps the door open for an imminent Bank of Japan (BoJ) rate hike this year, which, in turn, acts as a tailwind for the JPY. The US Dollar (USD), on the other hand, kicks off the new week on a subdued note and turns out to be another factor that contributes to capping the USD/JPY pair.
AUD/USD
The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Monday, extending its losses for the third successive session. However, the AUD/USD pair gained ground following the announcement of a newly established trade agreement between the United States (US) and the European Union (EU).
NZD/USD
The NZD/USD pair trades on a positive note near 0.6020 during the early Asian session on Monday. The New Zealand Dollar (NZD) strengthens against the Greenback amid hopes that the United States (US) will extend its tariff truce by another three months.
USD/CAD
USD/CAD depreciates after two days of losses, trading around 1.3700 during the Asian hours on Monday. The pair loses ground as the US Dollar (USD) as the market sentiment improves following the trade deal between the United States (US) and the European Union (EU).
USD/CHF
The USD/CHF pair holds steady near 0.7950 during the early European trading hours on Monday. Progress on the US-EU trade deal might hit safe-haven demand and undermine the Swiss Franc (CHF). Investors brace for further developments surrounding the US-China trade deal as US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to meet on Monday in Stockholm.
CRUDE OIL
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Gold price has bounced off the key $3,310 support early Monday, after hitting a weekly low in the weekly opening hours. The focus now shifts to an action-packed US economic calendar amid looming US-China trade talks.
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