EUR/USD
EUR/USD may remain subdued if the IFO Business Survey data comes out as expected amid increased safe-haven demand, still trading at a gap up. However, the Euro (EUR) may maintain its position as the Eurozone’s PMI data pointed to a soft services sector in January, maintaining the outlook of unchanged rates by the European Central Bank (ECB). Earlier releases from Germany were more encouraging, as the Services PMI beat forecasts and remained in expansionary territory, while the Manufacturing PMI improved but stayed below the expansion–contraction threshold.
GBP/USD
The GBP/USD pair trades in positive territory near 1.3660, the highest since September 17, 2025, during the early European session on Monday. The Pound Sterling (GBP) edges higher against the Greenback on the stronger-than-expected UK Retail Sales and Purchasing Managers Index (PMI) data. Traders will keep an eye on the US November Durable Goods Orders report later on Monday.
USD/JPY
The USD/JPY pair extends its decline to around 154.75, the lowest since December 17, during the early Asian session on Monday. The Japanese Yen (JPY) strengthens against the US Dollar (USD) amid heightened alert of Japanese intervention to halt the currency’s recent slide. The US November Durable Goods Orders report is due later on Monday.
AUD/USD
The Australian Dollar declines against the US Dollar (USD) after opening from a gap up on Monday. The AUD/USD pair depreciates as the Greenback gains on increased safe-haven demand, which could be attributed to the recent comments from US President Donald Trump over the weekend.
NZD/USD
The NZD/USD pair trades 0.3% higher to near 0.5975 during the Asian trading session on Monday. The Kiwi pair strengthens as the US Dollar (USD) underperforms across the board at the start of the Federal Reserve’s (Fed) monetary policy week.
USD/CAD
USD/CAD extends its losing streak for the sixth successive session, trading around 1.3680 during the Asian hours on Monday. The technical analysis of the daily chart shows the pair declines within a newly formed descending channel pattern, suggesting a persistent bearish bias. The 14-day Relative Strength Index (RSI) is at 32 (near oversold) and slipping, confirming weakening momentum.
USD/CHF
USD/CHF rises after opening at a gap down, trading around 0.7770 during the Asian hours on Monday. The pair appreciates as the US Dollar (USD) recovers its daily losses, supported by the increased risk aversion after US President Donald Trump threatened to impose 100% tariffs on Canadian goods if Ottawa were to strike a trade deal with China, the BBC reported over the weekend.
CRUDE OIL
Oil prices were largely steady on Monday after strong gains in the previous session, as investors weighed concerns about a potential supply glut against heightened geopolitical risks and awaited signals from a key Federal Reserve policy meeting later this week.
Rabobank analysts discusses the current state of Gold and Silver, noting that Gold is now trading well above $5000/oz and Silver above $100/oz. The report highlights a shift from financial assets to material assets, with a growing narrative of ‘sell America’ and de-Dollarisation. Despite this, demand for US Treasury auctions remains strong, and the use of the US Dollar in international payments is increasing.
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