USD/CAD trades around 1.3920 during the European hours on Monday, halting its five-winning streak. The technical analysis of the daily chart suggests that the pair moves upwards within an ascending channel pattern, suggesting that the bullish bias prevails.
Gold is trading above $3,800, after hitting fresh all-time highs at $3,819 on Monday's European session, with precious metals thriving and the US Dollar tumbling as investors brace for a potential shutdown of the US government on Wednesday.Trump is expected to meet bipartisan congressional leaders l
GBP/USD gains ground for the second consecutive session, trading around 1.3440 during the Asian hours on Monday. The short-term price momentum is weaker as the daily chart’s technical analysis shows that the pair remains below the nine-day Exponential Moving Average (EMA).
The EUR/JPY cross loses ground around 174.75 during the early European session on Monday. The Japanese Yen (JPY) strengthens against the Euro (EUR) amid the safe-haven flows as the US government risks a shutdown. However, political uncertainty in Japan might cap the upside for the JPY.
CBA economists say stronger inflation and activity data pose upside risks to prices and complicate the RBA’s policy path. Market odds of a November rate cut have fallen below 50% from 80%, and CBA warns the move hinges on Q3 CPI and jobs data after a likely hold tomorrow.
Tesla’s third-quarter sales are expected midweek, with analysts lifting forecasts to about 448,000–456,000 vehicles amid a rush to capture U.S. EV tax credits. But weak Europe numbers, fading incentives, and looming cheaper models keep demand concerns alive.
EUR/USD recovers on Friday as traders’ confidence rises that the Federal Reserve (Fed) will reduce interest rates after the release of the latest inflation report in the United States (US). At the time of writing, the pair trades at 1.1697, up 0.27%.
Gold price advances during the North American session, up 0.60% on Friday after the last inflation report maintained the status quo, reinforcing dovish bets for further easing by the Federal Reserve (Fed). At the time of writing, the XAU/USD trades at $3,774 after bouncing off daily lows of $3,734.
The Euro (EUR) reverses its course against the British Pound (GBP) amid a scarce economic docket in Europe and the UK on Friday, although geopolitics could be the reason that pushed the shared currency lower. EUR/GBP trades at 0.8729, down 0.14% at the time of writing.
Further US Dollar (USD) strength is not ruled out, but any advance is likely part of a higher range of 149.20/150.15. In the longer run, USD could rise further to 150.15, with lesser odds of reaching 150.90, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
New Zealand Dollar (NZD) could decline further, but it remains to be seen if it can break below the next support at 0.5730. In the longer run, the outlook for NZD remains negative; the next level to watch is 0.5730, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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