EUR/USD
EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States (US) markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.
GBP/USD
The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week’s important releases from the UK and the US.
USD/JPY
The USD/JPY pair attracts some buyers during the Asian session on Monday and climbs back above the 153.00 mark following the disappointing release of Japan’s Q4 GDP report. Spot prices, for now, appear to have snapped a five-day losing streak, reaching a two-week low last Thursday, although the upside potential still seems limited.
AUD/USD
The AUD/USD pair attracts some buyers in the vicinity of mid-0.7000s during the Asian session on Monday and, for now, seems to have stalled its corrective pullback from a three-year high, touched last week. Spot prices currently trade around the 0.7080 region, up 0.10% for the day, and seem poised to appreciate further amid a supportive fundamental backdrop.
NZD/USD
NZD/USD inches higher after registering modest gains in the previous session, trading around 0.6040 during the Asian hours on Monday. The pair maintains its gains after New Zealand’s Performance of Services Index (PSI) slipped to 50.9 in January from 51.7 previously, signaling softer confidence as holiday closures and seasonal slowdowns weighed on enquiries.
USD/CAD
The USD/CAD pair is seen extending its sideways consolidative price move for the second straight day and trading above the 1.3600 mark during the Asian session on Monday. Moreover, the mixed fundamental backdrop warrants some caution before positioning for an extension of last week’s bounce from the vicinity of the 1.3500 psychological mark.
USD/CHF
The US Dollar (USD) posts moderate gains against the Swiss Franc (CHF) on Monday, returning to levels above 0.7700 to trade at 0.7714 at the time of writing. The pair, however, remains trapped within the last two days’ trading range, and is on track for a 0.5% weekly loss.
CRUDE OIL
Oil traded little changed on Monday, with investors weighing the market implications of upcoming U.S.-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.
Gold (XAU/USD) attracts fresh sellers at the start of a new week and reverses a part of Friday’s strong move up of over $150 from sub-$4,900 levels. The commodity slides back below the $5,000 psychological mark during the Asian session, though the downside potential seems limited amid a combination of supporting factors.
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