The EUR/USD oscillates within a narrow trading range below the 1.0700 mark during the Asian session on Monday. Traders prefer to wait on the sidelines ahead of the Eurozone Gross Domestic Product for the third quarter (Q3). The softer report could weigh on the Euro and act as a headwind for the pair.
GBP/USD extends its gains for the second consecutive day, trading higher around 1.2230 during the Asian session on Monday. The GBP/USD pair might have received upward support from the better-than-expected preliminary Gross Domestic Product from the United Kingdom released on Friday, coupled with a weaker US Dollar.
The USD/JPY pair trades in positive territory for the sixth consecutive day during the Asian trading hours on Monday. The uptick of the pair is bolstered by the higher US Treasury bond yield and the hawkish comments from Federal Reserve (Fed) Chair Jerome Powell. The pair currently trades around 151.70, gaining 0.10% on the day.
The AUD/USD pair remains under selling pressure during the early Asian session on Monday. The concern over economic growth in China weighs on the Australian Dollar (AUD) and the higher US Treasury bond yields lift the US Dollar (USD) higher. The pair currently trades near 0.6355, losing 0.07% on the day.
NZD/USD is caught in a losing streak, stretching for the sixth consecutive session. The pessimistic global economic outlook casts a shadow over the NZD/USD pair. The spot price trades lower around 0.5890 during the Asian hours on Monday.
USD/CAD recovers recent losses registered on Friday, bidding higher around 1.3810 during the Asian session on Monday. The Canadian Dollar (CAD) received gains in the previous session on the back of improved Crude oil prices.
The USD/CHF is on a high side after Federal Reserve (Fed) Chairman Jerome Powell propped up the US Dollar (USD) with hawkish comments, sending broader market sentiment into a tailspin.
Gold trades in positive territory during the Asian session on Monday. The consolidation of the US Dollar lends some support to the precious metal. However, the higher US Treasury bond yield might cap gold’s upside in the next session. XAU/USD price is trading around $1,940, up 0.22% on the day.
Oil prices backed off on Monday, reversing their Friday rally, as renewed concerns over waning demand in the United States and China dented market sentiment.
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