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FXStreet Team
FXStreet
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.
GBP/USD rebounds to test 1.3550 at the start of a new week, reversing a part of Friday's heavy losses to over a one-week trough. The pair draws support from renewed US Dollar weakness, but lacks bullish conviction amid looming US-Iran geopolitical risks.
EUR/USD gathers strength to near 1.1600 in European trading hours on Monday. The US Dollar pulls back despite hawkish remarks from Federal Reserve Chair Kevin Warsh. Traders will now take cues from the preliminary reading of Consumer Price Index inflation data from Germany, which is due later on Monday.
Gold holds its recovery near $4,450 in the European session on Monday, moving away from sub-$4,400 levels, though the upside potential seems limited. A softer US Dollar offers some support to the precious metal and helps recover its intraday losses. Meanwhile, Fed Chair Kevin Warsh's comments on curbing inflationary pressures on Friday lifted bets for a rate hike, which might keep a lid on any meaningful recovery for the non-yielding bullion.
Dogecoin trades near key support around $0.081 after declining more than 12% last week. On-chain data suggests some whale wallets are taking profits after DOGE’s recent surge. Meanwhile, derivatives data points to mild underlying strength, while technical indicators suggest bullish momentum is losing strength, leaving the meme coin’s near-term outlook mixed.
The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
