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اردو
The US Dollar Index (DXY), which tracks the Greenbacks value against a basket of six major currencies, extends its decline on Monday as a sharp rally in the Japanese Yen (JPY) outweighs support from elevated geopolitical tensions and Federal Reserve (Fed) interest rate hike expectations.
EUR/USD holds above 1.1600, seven pips above where Monday opened. The pair has had three chances to move over four sessions and has taken none of them. Both central banks are priced to raise rates this month for the same energy shock, and a rate gap that is not moving does not move a currency.
The Pound Sterling rises by over 0.23% amid thin trading conditions, as US markets remained closed for the Labour Day weekend, while the US-Iran conflict escalated, with both countries exchanging strikes around the Strait of Hormuz. The GBP/USD trades at 1.3541.
NZD/USD trades around 0.5880 on Monday at the time of writing, posting a modest 0.06% decline on the day after two consecutive days of gains.
USD/CHF trades with a downside bias on Monday as the US Dollar (USD) stays on the defensive, largely due to broad Japanese Yen (JPY) strength. At the time of writing, the pair trades around 0.8091 after retreating from an intraday high of 0.8110.
NZD/USD depreciates after two days of gains, trading around 0.5880 during European hours on Monday. The pair depreciates as the New Zealand Dollar (NZD) faces pressure from cautious sentiment surrounding the Reserve Bank of New Zealands (RBNZ) policy outlook.
Finance ministry data showed that Japan's official foreign reserves stand at $1.207 trillion, down from July's figure of $1.287 trillion.
The Australian Dollar (AUD) trades 0.13% higher at around 0.7217 against the US Dollar (USD) during the European trading session on Monday, the highest level seen in over three months.
Commerzbanks Thu Lan Nguyen notes that the latest US labour market report does not materially alter expectations for a September Fed rate move, leaving August US inflation as the key driver.
The Euro (EUR) trades flat against the US Dollar (USD) on Monday, hovering just above 1.1610 at the European session opening, following a reversal from the 1.1640 area last week.
The Indian Rupee (INR) opens higher against the US Dollar (USD) at the start of the week.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – kicks off the new week on a positive note amid escalating US-Iran confrontations in the Strait of Hormuz and climbs back above mid-$90.00s during the Asian session.
The USD/CAD pair trades on a flat note near 1.3835 during the early European session on Monday. The pair steadies as stronger-than-expected US jobs data offsets rising crude oil prices. US markets will be closed on Monday for Labour Day.
The EUR/JPY cross trades in negative territory around 181.20 during the early European trading hours on Monday. The Japanese Yen (JPY) strengthens against the Euro (EUR) as Japanese official projected a Bank of Japan (BoJ) rate hike this month.
Gold (XAU/USD) remains under some selling pressure for the second straight day on Monday, though it shows some resilience below the $4,400 mark during the Asian session.
USD/CHF gains ground for the second successive day, trading around 0.8110 during the Asian hours on Monday.
Gold trading has become one of the most closely watched corners of the retail CFD market, but a comparison of 32 accounts suggests that traders looking beyond headline spreads may be overlooking another cost that can quietly accumulate every night.
The AUD/USD pair holds steady around the 0.7200 mark at the start of a new week and remains close to its highest level since mid-May, touched on Friday.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 99.20 in the early Asian trading hours on Monday. The DXY edges higher amid a ramp-up in US rate hike bets.
The NZD/USD pair attracts some sellers during the Asian session on Monday and currently trades near the 0.5870 region, down around 0.15% for the day. Spot prices, however, remain confined within Friday's broader range, warranting some caution for aggressive bearish traders.
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