EUR/USD
EUR/USD inches lower after registering around 0.5% gains in the previous session, trading around 1.1710 during the Asian hours on Monday. On the daily chart, technical analysis indicates a strengthening of a bullish bias, as the pair continues to trade within an ascending channel pattern.
GBP/USD
The GBP/USD pair loses ground to near 1.3555 during the Asian session on Monday, pressured by a firmer US Dollar. Markets turn cautious ahead of a meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy later on Monday.
USD/JPY
The Japanese Yen (JPY) remains on the back foot against a mildly positive US Dollar (USD) during the Asian session on Monday, though it lacks follow-through selling amid mixed fundamental cues. The global risk sentiment got a goodish lift amid hopes for the end of the Russia-Ukraine war. Adding to this, the uncertainty over the likely timing of the next interest rate hike by the Bank of Japan (BoJ) turns out to be a key factor undermining the JPY. This, along with a modest USD uptick, assists the USD/JPY pair in sticking to modest intraday gains.
AUD/USD
The Australian Dollar (AUD) extends its gains for the second consecutive session on Monday. The AUD/USD pair holds gains as the US Dollar (USD) could face challenges amid the prevailing dovish tone surrounding the US Federal Reserve’s (Fed) policy outlook for September.
NZD/USD
The NZD/USD pair gains some positive traction at the start of a new week and holds comfortably above the 0.5900 mark during the Asian session, though it lacks bullish conviction. The upbeat market mood is seen acting as a tailwind for the risk-sensitive Kiwi, though a modest US Dollar (USD) uptick acts as a headwind for the currency pair as traders seem reluctant ahead of this week’s key central bank events.
USD/CAD
USD/CAD loses ground after two days of gains, trading around 1.3800 during the Asian hours on Monday. The pair depreciates as the US Dollar (USD) could face further challenges amid the prevailing dovish tone surrounding the US Federal Reserve’s (Fed) policy outlook for September.
USD/CHF
The USD/CHF pair edges lower to near 0.8060 during the Asian trading session on Monday. The Swiss Franc pair ticks down as the US Dollar (USD) trades with caution near its almost three-week low, with traders remaining confident the Federal Reserve (Fed) will resume its monetary expansion cycle, which it paused after the December 2024 meeting.
CRUDE OIL
Oil prices were largely unchanged on Monday after a drop in early trade, as the United States exerted no further pressure on Russia to end the Ukraine war through measures to disrupt its oil exports following a meeting of the leaders of both nations.
Gold price recovers over $30 from over a two-week low touched earlier this Monday. Retreating US bond yields and Fed rate cut bets benefit the non-yielding yellow metal. A modest USD uptick and a positive risk tone might cap further gains for the commodity.
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