EUR/USD is holding strong gains above 1.0700 in early Europe. Risk recovery weighs on the safe-haven US Dollar amid renewed dovish Fed bets. US regulators’ efforts to tame financial markets risk from SVB, Signature Bank favor risk profile. US CPI next of note.
GBP/USD takes the bids to refresh a three-week high above 1.2100 during early Monday morning in Europe. It should be noted that the multiple catalysts including the UK jobs report and the US inflation data highlight this week an important one for the Cable traders.
USD/JPY takes a U-turn from the one-month low, marked earlier in Asia, as it picks up bids to 134.50 amid an initial hour of Tokyo open on Monday. Even so, the Yen pair remains on the back foot for the third consecutive day as Bank of Japan (BoJ) Governor Haruhiko Kuroda’s retirement propels hawkish calls for the Japanese central bank’s next moves. Also challenging the pair buyers could be the cautious mood ahead of this week’s top-tier data/events, including the BoJ Minutes and the US consumer-centric numbers including the Consumer Price Index (CPI) and Retail Sales for February.
AUD/USD bulls celebrate the biggest daily gains since early February around the 0.6665-70 hurdle during early Monday in Europe. The Aussie pair’s latest inaction could be linked to its struggle to overcome the five-week-old descending resistance line amid the broadly risk-on mood, as well as the US Dollar weakness.
NZD/USD defends Friday’s recovery around 0.6150-55 as market sentiment improves on early Monday. In doing so, the Kiwi pair pays little attention to the downbeat report from the New Zealand Institute of Economic Research (NZIER).
USD/CAD stands on slippery grounds, declining nearly 0.80% intraday to 1.3720 heading into Monday’s European session. In doing so, the Loonie pair sellers cheer the broad US Dollar weakness, as well as the recent recovery in prices of Crude Oil, Canada’s key export item.
USD/CHF bears struggle to keep the reins around a one-month low as it pares intraday losses near 0.9200 during early Monday. Even so, the Swiss Franc (CHF) pair stays in the red for the fourth consecutive day, while extending the previous week’s pullback.
Oil prices rose slightly on Monday as a brewing banking crisis in the U.S. spurred expectations that the Federal Reserve will soften its hawkish rhetoric in the coming months, although caution still persisted over a potential economic fallout.
Gold price cheers the previous day’s upside break of the $1,865 hurdle, now support, to refresh a five-week high amid a broad risk-on mood. Adding strength to the precious metal’s advance is the broad-based US Dollar weakness as the US regulators’ efforts to tame the financial crisis, due to the Silicon Valley Bank (SVB) and Signature Bank fallout.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.