Off the Charts with Wayne McDonell

Gold extends its uptrend and trades at a new all-time high above $3,400 on Monday. Concerns over a further escalation in the US-China trade war and the Fed’s independence smash the US Dollar to three-year troughs, fuelling XAU/USD's rally.

EUR/USD gains more than 1% on the day and trades at its highest level since November 2021 near 1.1500. The relentless US Dollar selling helps the pair push higher as fears over a US economic recession and the Federal Reserve’s autonomy grow. 

GBP/USD continues its winning streak, testing 1.3400 on Monday. The extended US Dollar weakness, amid US-Sino trade war-led recession fears and heightened threat to the Fed's independence, underpin the pair following the long weekend.

Bitcoin (BTC), Ethereum (ETH) and XRP, the top three cryptocurrencies by market capitalization, extend their last week’s recovery on Monday, even as trader sentiment is hurt by the US President Donald Trump’s tariff policy and announcements.

Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.

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