EUR/USD
EUR/USD struggles to capitalize on recent upside and oscillates in a narrow range below 1.0500 early Monday. However, the pair’s downside remains cushioned by persistent US Dollar weakness and an upbeat mood. Focus shifts to central bank talks.
GBP/USD
GBP/USD keeps its range near 1.2600 in the early European session on Monday. The pair stays support amid a subdued US Dollar price action following Friday’s disappoining US Retail Sales data. Thin trading is likely to extend as US markets are closed in observance of Presidents’ Day.
USD/JPY
The Japanese Yen (JPY) sticks to its strong intraday gains in the wake of a strong domestic Gross Domestic Product (GDP) print, which reaffirmed bets that the Bank of Japan (BoJ) will hike interest rates further. Furthermore, the narrowing of the US-Japan rate differential turns out to be other factors underpinning demand for the lower-yielding JPY. Apart from this, the prevalent US Dollar (USD) selling bias keeps the USD/JPY pair depressed just above mid-151.00s, or near a one-week low touched during the Asian session earlier this Monday.
AUD/USD
The Australian Dollar (AUD) continues its upward momentum against the US Dollar (USD) for the third straight day on Monday, supported by US President Donald Trump’s decision to delay the implementation of reciprocal tariffs.
NZD/USD
NZD/USD extends its winning streak for the third successive day, trading around 0.5740 during the early European hours on Monday. Liquidity during the North American session may remain thin as all major US financial markets will be closed on Monday for the federal holiday, Presidents’ Day.
USD/CAD
The USD/CAD pair remains on the defensive around 1.4175 on Monday during the early European session. The US Dollar (USD) weakens due to the delay in the US President Donald Trump administration’s tariff plans and the disappointing US January Retail Sales data. Investors will closely monitor the Canadian Consumer Price Index (CPI) inflation data for January, which is due later on Tuesday.
USD/CHF
The USD/CHF pair extends its decline to around 0.8990 during the early European session, pressured by the weaker US Dollar (USD). The Federal Reserve (Fed) Patrick Harker and Michelle Bowman are set to speak later on Monday. On Tuesday, the Swiss Industrial Production will be released.
CRUDE OIL
Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.
Gold regained positive traction on Monday amid sustained USD weakness. Concerns about Trump’s tariffs further benefit the safe-haven XAU/USD pair. The fundamental and technical setup underpin prospects for additional gains.
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