The EUR/USD pair has slipped below the magical figure of 1.0000 as the US dollar index (DXY) has advanced amid soaring bets on a bumpers rate hike by the Federal Reserve (Fed). The asset has declined sharply after failing to overstep Friday’s high at 1.0036.
The GBP/USD pair struggles to gain traction on Monday and languishes near its lowest level since 1985, around the 1.1400 mark through the Asian session. The UK Office for National Statistics reported on Friday that monthly Retail Sales recorded the biggest fall since December 2021 and much more than expected in August.
The EUR/JPY pair is displaying back-and-forth moves in a narrow range of 143.00-143.26 in the early European session. The asset has turned sideways as investors are awaiting the release of the interest rate decision by the Bank of Japan (BOJ), which will release on Thursday.
AUD/USD retreats towards the 28-month low marked the previous day, holding lower ground near the 0.6700 threshold ahead of Monday’s European session. In doing so, the Aussie pair justifies the downbeat sentiment amid a sluggish session.
The NZD/USD pair is marching towards the 0.6000 mark after a break above the 0.5940-0.5985 range in the early Tokyo session. The asset entered inside the prior balanced profile in a range of 0.5977-0.6026 after a rebound whose breakdown led to a decent fall. The major is likely to display significant gains ahead as the US dollar index (DXY) has turned lackluster ahead of the interest rate decision by the Federal Reserve (Fed).
USD/CAD remains on the front foot around 1.3285 during Monday’s early European morning, up for the third consecutive day near the 22-month high flashed the previous day.
The USD/CHF pair has sensed selling interest while attempting to cross the immediate hurdle of 0.9650 in the early Tokyo session. Earlier, the asset displayed a sheer reversal after hitting a low of 0.9560 but is now witnessing a momentum loss as investors have shifted to the sidelines ahead of the Federal Reserve (Fed) monetary policy meeting.
Oil prices started the week on a strong note as the lifting of COVID lockdowns in a major Chinese city boosted optimism over an eventual demand recovery in the world’s largest crude importer.
Gold price has kicked off the week on a wrong footing this Monday, having faced rejection at $1,680 on its road to recovery. Resurgent demand for the US dollar across the board amid a cautious market tone weighs down on the non-yielding bullion, despite sluggish Treasury yields.
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