Euro zone M3 money supply unexpectedly picked up in August

European shares opened in positive territory, but soon reversed their gains. The Dax underperforms, losing more than 1%, after Deutsche Bank shares hit a record low. US Equities opened slightly lower.
Saudi Arabia and Iran dashed hopes that OPEC oil producers could clinch an output‐limiting deal in Algeria this week as sources within the group said the differences between Saudi Arabia and Tehran remained too wide. Both the Brent and WTI oil price dropped more than 2% today with the Brent hovering around $46/barrel.
British retail sales fell unexpectedly this month after a strong showing in August, the CBI survey showed, but retailers expected sales to recover in October.
Euro zone M3 money supply unexpectedly picked up in August, accelerating to 5.1% Y/Y from 4.9% Y/Y in July. Lending data were however slightly disappointing with loans to non‐financial corporations falling from the previous month, while lending to households accelerated slightly.
The World Trade Organization cut its forecast for global trade growth this year to 1.7% from 2.8% in April, reflecting a slowdown in China and falling levels of imports into the United States.

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EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.