EUR/USD takes offers to renew intraday low around 1.0790 as it extends the previous U-turn from a short-term key hurdle during early Monday.
The GBP/USD pair is making efforts in defending the 1.2300 mark in the Asian session. The Cable witnessed a sheer decline in the early Tokyo session as investors discounted the impact of higher oil prices after an announcement of further oil production cuts by OPEC+.
USD/JPY is higher by some 0.2% which has rallied from a low of 132.98 to a high of 133.38 so far. There has been a slew of data from the Bank of Japan´s first-quarter Tankan survey showing a small rise in inflation expectations and Japanese Jibun Bank Manufacturing PMI actual coming in at 49.2 vs. the previous 48.6.
AUD/USD struggles to overcome intraday losses as the latest statistics from China and Australia join sour sentiment during early Monday. That said, the Aussie pair holds lower ground near 0.6665 by the press time amid fears of RBA’s dovish hike and softer US data surrounding activities and employment.
NZD/USD grinds near the intraday low surrounding 0.6210. That said, China’s Caixin Manufacturing PMI for March drops to 50.0 from 51.6 prior and 51.7 market forecasts. Not only downbeat China PMIs but hopes of a dovish hike from the Reserve Bank of New Zealand (RBNZ), signaled by the latest New Zealand Institute of Economic Research (NZIER) report, also exert downside pressure on the NZD/USD prices.
The USD/CAD has retreated from 1.3520 after a rebound attempt followed by a gap-down opening from 1.3488 in the early Tokyo session. The Loonie asset has continued its downside journey as the oil price has soared dramatically after the announcement of a surprise cut in oil production by OPEC+. The oil cartel has decided to cut the oil production further by 1.16 million barrels each day, which has pushed the overall pledge of oil cut to 3.66 million bpd.
The USD/CHF pair is sensing resistance near 0.9170 in the Asian session after a marginal recovery. The Swiss franc asset is expected to continue its downside journey as the US Dollar index (DXY) looks set to refresh its weekly high above 102.95 ahead. Rising expectations for a rebound in global inflation led by higher oil prices after the announcement of oil production cuts by OPEC+ has infused fresh blood into the USD Index.
Oil prices shot up in early Asian trade on Monday after the OPEC+ unexpectedly cut production further to stabilize markets hit by fears of slowing economic growth and a potential banking crisis.
Gold price is meandering in multi-day lows near the $1,950 level early Monday, as sellers take a breather before the next push lower. Gold price is extending Friday’s sell-off from near the $1,990 region amid the ongoing recovery in the United States Dollar (USD).
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