EUR/USD is trading sideways above 1.0700 early Monday, consolidating last week’s strong gains. The upside, however, appears elusive in the pair, as the US Dollar stalls its decline, despite a better mood. Eurozone Sentix awaited.
The GBP/USD pair kicks off the new week on a subdued note and consolidates Friday’s strong move up its highest level since September 20. Spot prices currently trade around the 1.2375 region, nearly unchanged for the day, and remain at the mercy of the USD price dynamics.
The USD/JPY pair attracts some dip-buying on the first day of a new week and for now, seems to have stalled a three-day-old corrective decline from the 151.70 area, or its highest level since October 2022 touched last Tuesday. Spot prices currently trade just above the mid-149.00s, up nearly 0.15% for the day, and draw support from a modest US Dollar (USD) uptick, though lack bullish conviction.
AUD/USD continues on a four-day winning streak, gearing up for the Reserve Bank of Australia’s (RBA) interest rate decision set to be unveiled on Tuesday. The AUD/USD pair holds strong around 0.6520 during the Asian session on Monday, aiming to mark a three-month high.
On Friday, the NZD/USD rallied, driven by the US Dollar facing notable selling pressure after the release of the soft labour market, which triggered a decline in US Treasury yields and hawkish bets on the Federal Reserve (Fed) for the December meeting. On the Kiwi’s side, no relevant data was released.
USD/CAD aims to lose ground on the fourth consecutive day to continue the losing streak, treading waters near 1.3650 during the Asian hours on Monday. The pair faces downward pressure amid expectations that the US Federal Reserve (Fed) might halt its monetary policy tightening, prompted by the subdued employment data from the United States (US).
USD/CHF plummets after an employment report in the United States (US) could mark the end of the Federal Reserve (Fed) tightening cycle. Therefore, the US Dollar (USD) remains offered, as investors piled into the Swiss Franc (CHF), as shown by the pair trading at 0.8979, down 0.87%.
Oil prices edged up on Monday as top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil.
Gold price kicks off the new week on a weaker note and extends Friday’s retracement slide from the $2,004 area or a multi-day high touched in reaction to softer jobs data from the United States.
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