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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
The Australian Dollar ended Monday’s session with losses of close to 0.40% amid thin liquidity due to the Columbus Day holiday, with most US cash markets closed, as market participants were guided by the latest geopolitical developments. The AUD/USD trades near 0.6950 after peaking below 0.7000.
USD/JPY extends its range-bound price action into a new week, trading above 158.00 as bulls remain on high alert amid speculation that authorities will step in to prop up the Japanese Yen. Meanwhile, softer US bond yields keep US Dollar bulls on the back foot and cap the pair's upside. However, geopolitical uncertainties could limit losses for the safe-haven buck amid thin liquidity due to a holiday in Japan and the US.
Gold is under mild selling pressure on Monday, trading at around $4,170. The US Dollar advances modestly in thin trading, supported by bets that the Federal Reserve will hike rates at least one more time before year-end.
Bitcoin remained range-bound above $82,000 on Monday as upcoming US economic data and onchain indicators weigh on market sentiment. Crypto trading firm QCP Group stated in its Monday report that Bitcoin has maintained a firmer footing a year after the market’s largest single-day liquidation event.
The Oil price is relatively stable this morning, and US and European stock markets are poised to open higher, as risk sentiment shrugs off an escalation in the Middle East and concerns about rising bond yields.
