EUR/USD
EUR/USD depreciates after registering around 1.5% gains in the previous session, trading around 1.1560 during the Asian hours on Monday. The pair loses ground as the US Dollar (USD) recovers its losses of the prior trading day.
GBP/USD
The GBP/USD pair struggles to capitalize on Friday’s solid bounce from the 1.3140 area, or its lowest level since May 12, and kicks off the new week on a softer note. Spot prices currently trade around the 1.3265-1.3260 region, though the downside seems limited as traders might refrain from placing aggressive directional bets ahead of the Bank of England (BoE) meeting later this week.
USD/JPY
USD/JPY holds the rebound to near 148.00 in the Asian session on Monday, as markets remain wary amid weak US labor market data and looming trade concerns. However, diminishing odds for an immediate BoJ rate hike check the Japanese Yen and assist the pair to stall Friday’s pullback from over a four-month high.
AUD/USD
AUD/USD bounces back toward 0.6500 in Monday’s Asian trading. The Australian Dollar draws support from a sharp surge in the Melbourne Institute’s monthly inflation gauge, which revives bets for a pause in the RBA’s easing cycle. However, a broad US Dollar rebound limits the pair’s upswing.
NZD/USD
The NZD/USD pair tumbles to near 0.5915 during the Asian trading hours on Monday. Tariff uncertainty between the United States (US) and China weighs on the China-proxy Kiwi. The downside might be limited due to a dismal US jobs report and rising September Federal Reserve (Fed) rate cut bets. Traders brace for New Zealand’s Unemployment Rate data, which is due later on Wednesday.
USD/CAD
USD/CAD remains subdued for the second successive session, trading around 1.3770 during the Asian hours on Monday. The pair faces challenges as the commodity-linked Canadian Dollar (CAD) receives support from the slight increase in crude Oil prices. It is important to note that Canada is the largest Oil exporter to the United States (US). Canadian markets will observe an August Civic Holiday.
USD/CHF
The USD/CHF pair attracts some buyers to around 0.8050 during the early European session on Monday, bolstered by a firmer US Dollar (USD). Nonetheless, the weaker-than-expected US July Nonfarm Payrolls (NFP) report increased the likelihood of two Federal Reserve (Fed) rate cuts, which might cap the upside for the pair.
CRUDE OIL
Oil prices fell in Asian trade on Monday after the OPEC+ agreed to further increase production in September, while concerns over a cooling U.S. economy and trade tariffs also weighed.
Gold price pauses its previous recovery rally amid a quiet start to a new week on Monday. The US Dollar attempts a tepid rebound after sinking on poor US labor data on Friday. Gold price regains crucial daily averages as the RSI turns bullish; immediate resistance aligns at $3,380.
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