The Australian Dollar is one of the stronger performers on Monday. The sour risk sentiment is not weighing the Aussie today, which is drawing support from a weak US Dollar to reach levels right below 0.6500.The Greenback has opened the week on the back foot, hit by a mix of events.
Above 0.6000, New Zealand Dollar (NZD) has a chance to test of the significant resistance level at 0.6030, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Brent crude continues to consolidate in a sideways pattern, with downward momentum still dominant. A potential base formation hinges on holding above recent lows and reclaiming key moving averages, Société Générale's FX analysts note.
USD/CNH’s recent downtrend has paused after finding support near 7.16, with a modest rebound now unfolding. However, upside may remain limited for now, as break below 7.16 can extend the downtrend, Société Générale's FX analysts note.
Global equity markets and the dollar start the week a little softer as trade tensions between the US and China start to reappear. It's not quite fair to say that the US-China trade deal reached in Geneva last month is unravelling, but both sides clearly seem frustrated.
For the time being, Australian Dollar (AUD) is expected to trade in a range of 0.6380/0.6485, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Buy the rumour, sell the news in Oil prices, as the US benchmark WTI appreciates about $2.5 so far today, despite the output hikes announced by OPEC+ members, fresh threats of US tariffs and new trade tensions between the US and China.
Trump said he would increase tariffs on Steel and Aluminium to 50% from 25%, effective 4 June. He made the announcement as he visited a US Steel Corp. plant on Friday.
Current GBP/USD price movements still appear to be part of a range trading phase, likely between 1.3400 and 1.3600, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
OPEC+ agreed to another large supply hike over the weekend, increasing it by 411k b/d effective July. The increase is similar to those in May and June.
Increase in momentum is not enough to indicate a sustained advance; Euro (EUR) is likely to trade in a range of 1.1270/1.1435 for now vs US Dollar (USD), UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is depreciating by more than 0.50% and trading near 98.80 during the European hours on Monday.
Strong Canadian GDP raises expectations of a hawkish BoC on Wednesday.The US Dollar is dropping across the board, hammered by a mix of risk aversion amid Trump’s erratic trade policies, concerns about fresh tariffs, and looming fears of US debt that have revived the “sell America” trade.The US Presi
The EUR/JPY cross tumbles to around 163.15 during the early European session on Monday. The Japanese Yen (JPY) strengthens against the Euro (EUR) as persistent trade-related uncertainties and geopolitical risks further boost the safe-haven flows.
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