The USD/CAD pair struggles to gain any meaningful traction during the Asian session on Monday and remains confined in a familiar range held over the past week or so. Spot prices currently trade around the 1.3965-1.3970 region, nearly unchanged for the day amid mixed fundamental cues.
Following the publication of the high-impact China’s April activity data, the National Bureau of Statistics (NBS) expressed its outlook on the economy during its press conference on Monday.
The GBP/USD pair recovered from prior session losses, trading near the 1.3300 level during Asian session on Monday. The rebound is largely driven by renewed pressure on the US Dollar (USD) after Moody’s Investors Service downgraded the US credit rating by one notch, from Aaa to Aa1.
US Treasury Secretary Scott Bessent told CNN News on Sunday, President Donald “Trump has put them on notice that if you do not negotiate in good faith, you will ratchet back up to your April 2 level.”
China’s April Retail Sales rose 5.1% year-over-year (YoY) vs. 5.5% expected and 5.9% in March, the latest data released by the National Bureau of Statistics (NBS) showed Monday.
Gold (XAU/USD) is recovering from recent losses, trading near $3,230 per troy ounce during Monday’s Asian session. The rebound is fueled by increased demand for safe-haven assets amid rising concerns over the US economic outlook and fiscal health.
Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Tuesday that the central bank “will keep raising interest rates if economy, prices improve in line with our forecast.”
On Monday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1916 as compared to Friday's fix of 7.1938 and 7.2057 Reuters estimate.
Japanese Prime Minister (PM) Shigeru Ishiba said on Monday, speaking in the parliament this Monday, showed reluctance to accept US tariffs, including for cars, and said that seeking a win-win deal with the US is the key.
Goldman Sachs Research expects the US dollar to weaken as trade tensions, policy uncertainty, and slowing GDP growth weigh on investor confidence and foreign demand for US assets.
As is usual for a Monday morning, market liquidity is very thin until it improves as more Asian centres come online ... prices are liable to swing around, so take care out there.
In this week's executive move roundup: Ron Hammond joined Wintermute in the U.S. expansion, Plus500 hired a new CEO for Australia, B2PRIME onboarded an Executive Sales Trader.
Albanese will renew leader-level discussions for an Australia-European free trade deal with European Commission President Ursula von der Leyen in Rome.
President Trump accepting a $400 million jet from Qatar is sparking legal, ethical, and political debates, with concerns over violating the Foreign Emoluments Clause and national security risks. What do you think is going to happen? Please comment below.
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