EUR/USD is trading close to 0.9750, as bulls are trying to regain control in early Europe after a two-week downtrend. The pair cheers the broad US dollar weakness amid a sluggish start to the week. Buyers have a tough road ahead considering the optimism over Fed’s next move.
GBP/USD extends weekly gains towards 1.1300 amid hopes for a decent fiscal framework from the new CHancellor Hunt. Tory backbenchers brace to oust UK PM Truss. Bailey’s hawkish comments back bulls amid a broadly weaker US dollar and a cautious mood.
USD/JPY refreshes 32-year high on its way to 149.00 in early Europe. A light calendar and cautious optimism offer a sluggish start to the week. Fedspeak remains hawkish but all eyes remain on potential Japanese intervention.
The AUD/USD pair kicks off the new week on a positive note and attracts some buying near the 0.6200 mark, reversing a part of Friday’s losses. The pair maintains its bid tone through the Asian session and is currently placed around the 0.6225-0.6230 region, though the uptick lacks bullish conviction.
The NZD/USD pair displays a rebound move after witnessing exhaustion in the downside momentum. The major has given an upside break of the consolidation formed in a narrow range of 0.5550-0.5567 as the risk-off impulse has relieved after remaining in the spotlight. S&P500 futures have rebounded firmly after a bearish Friday, therefore, the risk appetite is emerging now.
The USD/CAD pair has displayed a less-confident pullback after printing an intraday low of 1.3812 in the Asian session. The asset is expected to resume its downside momentum after the termination of the pullback as the risk impulse rebounded after turmoil on Friday. S&P500 is withholding its gains recorded on early Monday despite rising bets for a hawkish Federal Reserve (Fed).
USD/CHF remains pressured around 1.0030 while printing the first daily loss in four days during Monday’s Asian session.
Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world’s top crude importer.
Gold price sees fresh demand, as the US dollar drops at the start of a new week. USD decline looks temporary amid hawkish Fed outlook, UK political uncertainty. XAU/USD sees a dead cat bounce after last week’s, and ahead of a data-light week.
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