Comments from OPEC Secretary General Mohammed Barkindo are crossing the wires via Bloomberg-
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
The GBP/USD pair edges higher at the start of a new week, reversing a part of Friday's heavy losses to over a one-week trough. Spot prices, however, lack bullish conviction and trade below mid-1.3500s during the Asian session, warranting caution before confirming that the recent pullback from the highest level since February has run its course.
The EUR/USD pair gathers strength to around 1.1590 during the early Asian trading hours. The US Dollar edges lower against the Euro despite hawkish remarks from Federal Reserve Chair Kevin Warsh. Traders will take more cues from the preliminary reading of Consumer Price Index inflation data from Germany, which is due later on Monday.
Gold recovers slightly from sub-$4,400 levels touched during the Asian session, though the upside potential seems limited. A softer US Dollar offers some support to the precious metal and helps trim a part of its intraday losses. Meanwhile, Federal Reserve Chair Kevin Warsh's comments on curbing inflationary pressures on Friday lifted bets for an interest rate hike, which might keep a lid on any meaningful recovery for the non-yielding bullion.
Solana price is trading around $100 testing the psychological support level after a 3% decline the previous day. SOL-focused Exchange Traded Funds recorded over $150 million in inflows last week, reflecting strong institutional demand. Solana risks capitulation as price tests the $100 threshold amid easing bullish momentum.
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.
