EUR/USD
EUR/USD reverses course and grinds higher above 1.1550 in the European session on Monday. The pair recovers ground as risk sentiment improves on potential US government reopening, which caps the upside in the safe-haven US Dollar. Eurozone Sentix data and US shutdown updates are in focus.
GBP/USD
The GBP/USD pair loses traction to near 1.3150, snapping the three-day losing streak during the early Asian session on Monday. The US Dollar (USD) strengthens against the Pound Sterling (GBP) amid positive signs that the record-breaking US government shutdown may end. Traders will keep an eye on the speech from the Bank of England (BoE) Clare Lombardelli later on Monday.
USD/JPY
USD/JPY holds gains near an eight-month high of 154.49, which was recorded on November 4, trading around 153.90 during the Asian hours on Monday. The pair appreciates as the Japanese Yen (JPY) struggles amid the uncertain Bank of Japan (BoJ) policy outlook.
AUD/USD
Australian Dollar (AUD) surges against the US Dollar (USD) on Monday, extending its gains for the second successive session. The AUD/USD pair strengthens as the AUD receives support from cautious comments from Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser, who highlighted the unusual challenges facing monetary policy and stressed the need to maintain tight conditions to curb inflation.
NZD/USD
NZD/USD rebounds after reaching a seven-month low of 0.5605 in the previous session, trading around 0.5630 during the Asian hours on Monday. The pair receives support after the release of positive data from China, New Zealand’s top trading partner.
USD/CAD
The USD/CAD pair trades 0.12% lower to near 1.4030 during the Asian trading session on Monday. The Loonie pair faces selling pressure as the Canadian Dollar (CAD) broadly outperforms its peers, except antipodeans, following the release of the upbeat Canada labour market data for October on Friday.
USD/CHF
The US Dollar is faring better than the Swiss Franc amid the cautious market mood on Monday. The pair has managed to trim some losses but is struggling to rise above the 0.8080 previous support area during its recovery attempt from the 0.8057 lows.
CRUDE OIL
Oil prices rose on Monday on optimism that the U.S. government shutdown could end soon and lift demand in the world’s top oil consumer, offsetting concerns about rising supplies globally.
Gold price (XAU/USD) jumps to near $4,075 during the early European trading hours on Monday. The precious metal edges higher amid uncertainty over the US economic outlook. Traders ramped up bets on a US rate cut following weak US private jobs data and a downbeat University of Michigan (UoM) Consumer Sentiment Index survey. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.
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