EUR/USD
EUR/USD is trading under pressure below 1.1000 after Germany’s Industrial Production fell more than expected in June. The pair is also undermined by reviving safe-haven demand for the US Dollar. Eurozone Sentix data awaited.
GBP/USD
GBP/USD is falling below 1.2750 early Monday, pressured by a modest US Dollar rebound. Bets for more Fed rate hikes and pre-US CPI anxiety revive demand for the Greenback. The BoE’s less hawkish forward guidance also contributes to the mildly offered tone.
USD/JPY
USD/JPY renews its intraday high near 142.00 as it tracks the recovery in the US Treasury bond yields during early Monday. In doing so, the Yen pair ignores hawkish signals flashed by the Summary of Opinions for Bank of Japan’s (BoJ) monetary policy meeting held in July. The reason could be linked to the US Dollar’s rebound amid the cautious mood ahead of this week’s US Consumer Price Index (CPI) and Producer Price Index (PPI) for July.
AUD/USD
The AUD/USD pair kicks off the new week on a positive note and gains traction near 0.6575 during the Asian session on Monday. The uptick in the Aussie is supported by the softer US employment data released on Friday.
The US Bureau of Labor Statistics (BLS) reported on Friday that the Nonfarm Payrolls in the US rose 187,000 in July, worse than expected by 200,000. The figures in June were revised down to 185,000. This marked the lowest reading since December 2020.
NZD/USD
The NZD/USD pair oscillates in a narrow range below the 0.6100 mark during the early Asian session on Monday. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, faces some follow-through selling and currently trades near 102.05.
The US Dollar fell following the mixed employment data on Friday. The US Bureau of Labor Statistics (BLS) reported on Friday that the Nonfarm Payrolls in the US rose by 187,000 in July, weaker than the market expectation of 200,000. The June figures were revised lower to 185,000, the lowest reading since December 2020.
USD/CAD
USD/CAD aptly portrays the market’s indecision ahead of the all-important US inflation data as it prods bulls at the highest levels in nearly four months, making rounds to 1.3375-80 heading into Monday’s European session. In doing so, the Loonie pair also justifies the latest retreat in the WTI crude oil price, Canada’s key export item, as well as the US Dollar’s recovery.
USD/CHF
The USD/CHF pair recovers some lost ground and surges above the 0.8740 mark during the early Asian session on Monday. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, bounces off the 101.75 mark and currently trades near 102.05.
The US Dollar faced some selling pressure following the release of the July employment and wage inflation report on Friday. That said, the US Nonfarm Payrolls in the US rose by 187,000 in July, the US Bureau of Labor Statistics (BLS) reported on Friday. This figure was weaker than the market’s expectation of 200,000. The June figures were revised lower to 185,000, the lowest reading since December 2020.
CRUDE OIL
Oil prices traded sideways on Monday, sticking to their highest levels in nearly four months after major producers Saudi Arabia and Russia extended recent supply cuts, with focus now turning to key inflation readings this week.
GOLD
Gold Price remains on the backfoot as it retreats toward the $1,915 mark confluence amid a broad US Dollar rebound, as well as mixed mood, ahead of the scheduled inflation clues from the US, China, Australia and New Zealand.
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