EUR/USD
EUR/USD fades bounce off the recently flashed 20-year low of 0.9553, around 0.9630 heading into Monday’s European session, as bears keep reins amid a broad risk-off mood. ECB’s Lagarde, Germany IFO numbers eyed for intraday directions.
GBP/USD
GBP/USD remains mostly inactive after declining to the all-time low. Doubts over UK’s fiscal stimulus to generate economic benefits, Russia-Ukraine woes led the bears. Hawkish Fedspeak, firmer US data also exerted downside pressure on the cable pair.
USD/JPY
USD/JPY renews intraday high around 143.60 as Tokyo opens for Monday, extending Friday’s recovery moves. In doing so, the yen pair also reverses the previous day’s pullback from the 24-year high, triggered by Japan’s intervention to defend the national currency.
AUD/USD
In the early Tokyo session, the asset printed a fresh two-year low at 0.6487 and a less confident pullback pushed the asset above 0.6500, Now, the market participants have capitalized on a pullback and a firmer US dollar index (DXY) is supporting more weakness in the major.
NZD/USD
NZD/USD stays depressed around 0.5725, after refreshing the multi-day low to 0.5693, as the holiday in New Zealand restricts the Kiwi pair’s moves on Monday. Even so, the broad US dollar strength keeps the pair bears hopeful.
USD/CAD
The USD/CAD pair has turned sideways after printing a fresh two-decade high at 1.3623 in the Asian session. The asset is preparing for a fresh rally as it is expected to continue its four-days winning spree. A minor corrective move cannot be ruled out as the asset is continuously scaling higher and the US dollar index (DXY) also displays some signs of exhaustion after printing a fresh two-decade high of 114.52.
USD/CHF
The USD/CHF pair is hovering around the immediate hurdle of 0.9860 in the Tokyo session as a pullback towards 0.9755 has concluded and upside momentum has resumed. The asset is preparing for a break above 0.9850 as the US dollar index (DXY) has rebounded firmly after a minute drop to near 113.62.
CRUDE OIL
Oil prices fell for a second day on Monday on fears of lower fuel demand from an expected global recession sparked by rising worldwide interest rates and as a surging U.S. dollar limits the ability of non-dollar consumers to purchase crude.
GOLD
Gold kicks off the new week on a weaker note and drops to its lowest level since April 2020 during the Asian session. Buying the US dollar and selling everything else remains a key theme in the markets, which turns out to be a key factor weighing on the dollar-denominated commodity.
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