The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1059 as compared to the previous day's fix of 7.1043 and 7.2437 Reuters estimates.
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FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
GBP/USD adds to Friday’s advance and reached fresh three-month tops around 1.3570 on Monday. Fading expectations of a Fed rate hike in September weigh on the Greenback and help Cable to keep its bullish momentum ahead of this week’s key UK data.
EUR/USD retreats modestly but keeps the bid bias in place around the 1.1600 region in quite an auspicious start to the week. The pair retains support from persistent US Dollar weakness as investors scale back expectations of Fed rate hikes following a string of disappointing US data releases.
Gold trades with gains for the second day in a row, surpassing the $4,400 mark per troy ounce at the beginning of the week. The precious metal’s recovery follows the intense offered stance in the US Dollar amid dwindling bets for further tightening by the Fed in the next few months.
Bitcoin (BTC) trades slightly higher around $63,500 on Monday, following a slight correction the previous week, supported by improving risk sentiment and despite mild outflows from institutional demand.
A large majority of economists expect the Federal Reserve (Fed) to keep interest rates unchanged in September and for the rest of this year, according to a Reuters poll conducted between August 12 and 17.
