Overnight HKD HIBOR jumps to the highest since September 30

EUR/USD struggles to find direction and trades in a narrow channel near 1.1650 on Monday. Investors refrain from taking large positions ahead of this week's critical Fed policy meeting, allowing the pair to stay in a consolidation phase following two consecutive weeks of bullish action.

GBP/USD kicks off the new week on a subdued note and oscillates in a narrow trading band above 1.3300 in European trading on Monday. The pair, however, remains close to the highest level since October 22, with bulls awaiting a sustained strength on a potential dovish Fed verdict due later this Wednesday. 

Gold sticks to its modest intraday gains through the early European session, though it lacks bullish conviction and remains confined in a one-week-old trading range. The growing acceptance that the US Federal Reserve will lower borrowing costs again this week keeps the US Dollar depressed near a one-month low and acts as a tailwind for the non-yielding yellow metal.

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds.

Silver just hit a new all-time high. Neither did gold, nor mining stocks. They all reversed on an intraday basis, but silver’s move to new highs makes it still bullish overall, while the almost complete reversals in gold and miners make the latter technically bearish.

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds (ETFs).