EUR/USD
Germany’s IFO institute will publish its business survey for November on Monday at 09:00 GMT. EUR/USD is likely to remain steady if the IFO Business Survey data comes out as expected. Any surprise downtick in the German business activity could put little pressure on the Euro (EUR), as it receives support from the cautious sentiment surrounding the European Central Bank’s (ECB) monetary policy outlook. The ECB is widely expected to keep rates unchanged through the end of 2026, with inflation hovering near its 2% target, stable economic growth, and unemployment at record lows.
GBP/USD
The GBP/USD pair reverses a modest Asian session dip and climbs back above the 1.3100 mark in the last hour amid a modest US Dollar (USD) downtick on Monday. However, the uncertainty surrounding the upcoming UK budget and rising bets for an interest rate cut by the Bank of England (BoE) next month should act as a headwind for spot prices.
USD/JPY
The USD/JPY pair posts modest gains near 156.50 during the early Asian session on Monday. Less dovish Federal Reserve (Fed) expectations could provide some support to the US Dollar (USD) against the Japanese Yen (JPY). Traders will keep an eye on the US September Producer Price Index (PPI) report, which will be released later on Tuesday.
AUD/USD
The Australian Dollar (AUD) holds ground against the US Dollar (USD) on Monday ahead of the looming key inflation update this week. Traders will likely observe Australia’s first “complete” monthly CPI on Wednesday for October to gain further impetus regarding the Reserve Bank of Australia (RBA) monetary policy.
NZD/USD
The NZD/USD pair loses ground to near 0.5605 during the early Asia session on Monday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) amid expectations that the Reserve Bank of New Zealand (RBNZ) will deliver a rate cut at the November meeting on Wednesday.
USD/CAD
USD/CAD remains subdued for the second successive session, trading around 1.4090 during the Asian hours on Monday. The pair depreciates as the US Dollar (USD) loses ground amid renewed expectations of a Fed rate cut in December.
USD/CHF
USD/CHF continues its winning streak for seven successive sessions, trading around 0.8080 during the Asian hours on Monday. The upside of the pair could be restrained as the Swiss Franc (CHF) may receive support from expectations of no imminent cuts by the Swiss National Bank (SNB) in December amid forecasts of rising inflation.
CRUDE OIL
West Texas Intermediate (WTI) Oil price advances on Monday, early in the European session. WTI trades at $58.13 per barrel, up from Friday’s close at $57.90.
Brent Oil Exchange Rate (Brent crude) is stable, hovering around its previous daily close at $61.90.
Gold (XAU/USD) maintains its offered tone through the early European session on Monday, though it lacks follow-through and currently trades just above the $4,050 level, down 0.35% for the day. The recent mixed signals from US Federal Reserve (Fed) officials keep the door open for another interest rate cut in December, which, in turn, fail to assist the US Dollar (USD) to build on its recent gains. Apart from this, persistent geopolitical uncertainties stemming from the intensifying Russia-Ukraine war and fresh conflicts in the Middle East turn out to be key factors underpinning the safe-haven commodity.
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