EUR/USD
The EUR/USD pair attracts some buyers to around 1.1370 during the early European session on Monday. The US Dollar weakens against the Euro amid the renewed trade war tensions. US President Donald Trump said on Friday that he planned to double import tariffs on steel and aluminum.
GBP/USD
GBP/USD looks to build on intraday strength beyond the 1.3500 mark as Fed rate hike bets and US fiscal concerns prompt fresh USD selling. Also, speculations that the BoE would pause at its next meeting in June before lowering borrowing costs further, contribute to the British Pound’s relative outperformance during the early European session.
USD/JPY
The Japanese Yen (JPY) remains on the front foot for the third straight day against a broadly weaker US Dollar (USD) and drags the USD/JPY pair back below mid-143.00s during the Asian session on Monday. The strong Tokyo Consumer Price Index (CPI) released on Friday reaffirmed market bets that the Bank of Japan (BoJ) will continue raising interest rates. Moreover, comments from Japan’s top trade negotiator Ryosei Akazawa fueled hopes for an imminent deal as early as this month and turned out to be another factor lending support to the JPY.
AUD/USD
The Australian Dollar (AUD) appreciated against the US Dollar (USD) by over 0.50% on Monday. The AUD/USD pair rises as the Greenback may face challenges amid growing concerns regarding slow growth and renewed inflation in the United States (US). US President Donald Trump threatened to double import tariffs on steel and aluminum, increasing them to 50% from 25%.
NZD/USD
NZD/USD appreciated by more than 0.50%, trading around 0.6000 during the Asian hours on Monday. The pair rises as the US Dollar (USD) remains softer amid increasing concerns regarding slow growth and renewed inflation in the United States (US).
USD/CAD
USD/CAD extends its losses for the second successive session, trading around 1.3720 during the Asian hours on Monday. The Canadian Dollar (CAD) continues to gain ground against the US Dollar (USD) following stronger-than-expected Gross Domestic Product (GDP) Annualized reinforced odds of the Bank of Canada (BoC) holding interest rates steady at its meeting on Wednesday.
USD/CHF
USD/CHF continues its losing streak for the third successive session, trading around 0.8210 during the Asian hours on Monday. The pair loses ground as the US Dollar (USD) may face challenges amid growing concerns regarding slow growth and renewed inflation in the United States (US). US President Donald Trump threatened to double import tariffs on steel and aluminum, increasing them to 50% from 25%.
CRUDE OIL
Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase.
Gold price builds on its steady Asian session move higher and touches a fresh daily peak, around the $3,317 region in the last hour amid a combination of supporting factors. The US Dollar drifts lower in the wake of rising bets, that the Federal Reserve will cut interest rates further, bolstered by softer inflation data released on Friday.
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