Gold price (XAU/USD) struggles to capitalize on Friday's modest bounce from levels just below the $3,000 psychological mark and kicks off the new week on a weaker note.
The USD/CAD pair kicks off the new week on a softer note amid the emergence of some selling around the US Dollar (USD), though it lacks bearish conviction and has now reversed an Asian session dip to the 1.4325 region.
West Texas Intermediate (WTI) Oil price continues to decline for the second consecutive session, trading around $68.00 per barrel during Asian hours on Monday.
The Japanese Yen (JPY) continues to lose ground against its American counterpart for the third consecutive day on Monday and weakens further in reaction to the weaker flash March Purchasing Managers' Index (PMI).
Speaking in the Japanese parliament on Monday, Bank of Japan (BoJ) Governor Kazuo Ueda said that the central bank “will adjust the degree of monetary easing if the 2% inflation target is likely to be achieved.” Additional quotes Cannot sell long-term JGB holdings immediately; have been gradually tapering long-term JGB holdings now.
Bank of Japan (BoJ) Deputy Governor Shinichi Uchida told the Japanese parliament on Monday that “we'll continue to access economic and financial market situations at home and abroad." "If our economic and price outlooks are to be achieved, we will adjust the degree of monetary easing by raising policy rates," he added.
Japanese Finance Minister Katsunobu Kato said on Monday, he “will take appropriate action against excessive moves.” It is “important for currencies to move in stable manner reflecting fundamentals,” he added.
The NZD/USD pair gathers strength to around 0.5745 during the early Asian session on Monday, bolstered by the weaker US Dollar (USD) and Chinese stimulus.
On Monday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1780 as compared to Friday's fix of 7.1760 and 7.2496 Reuters estimate.
US President Donald Trump's administration said that it will revoke the temporary legal status of more than half a million migrants from Cuba, Haiti, Nicaragua and Venezuela, per BBC.
Ukrainian and US officials held talks in Riyadh on Sunday, resuming efforts to end three years of war as President Donald Trump pushes for a ceasefire, per Bloomberg.
The White House is adjusting its approach to tariffs set to take effect on April 2, likely omitting a set of industry-specific tariffs while applying reciprocal tariffs aimed at countries with significant trade ties to the United States (US), per the Wall Street Journal.
The preliminary reading of Australia's Judo Bank Manufacturing Purchasing Managers Index (PMI) jumped to 52.6 in March from 50.4 in February, the latest data published by Judo Bank and S&P Global showed on Monday.
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