PBOC sets USD/CNY reference rate at 7.1135 vs. 7.1250 previous

EUR/USD trims losses and recovers above 1.1600 in the European session on Monday. The US Dollar upswing loses steam, even as risk sentiment remains in a softer spot and markets continue to scale back on December Fed rate cut expectations, lending support to the pair. 

GBP/USD is looking to extend its rebound toward 1.3200 in European trading on Monday. The pair capitalizes on a pause in the US Dollar rebound, while Pound Sterling buyers remain unnerved amid UK fiscal concerns. Focus shifts to central bank talks amid tepid market mood. 

Gold remains depressed for the third straight day, though it lacks bearish conviction and manages to hold above a one-week low touched on Friday. A slew of influential FOMC members showed little conviction for reducing borrowing costs, prompting traders to scale back their expectations for another interest rate hike by the US Federal Reserve.

Bitcoin Ethereum, and Ripple begin the week on a cautious note, trading near their respective support levels. Market sentiment remains fragile following last week’s volatility, with BTC, ETH, and XRP correcting by nearly 10%, 14%, and 7%, respectively.

Canada, Japan and the UK to publish CPI data, but not the US. US October jobs and inflation reports may never get released. New release schedule likely; FOMC minutes eyed in meantime. Flash PMIs to be watched amid renewed economic worries

Pi Network (PI) trades above $0.2200 at press time on Monday, sustaining the 3.52% gains from Sunday. The announcement of Pi App Studio updates on Thursday aligns with the three-day recovery in PI token, with bulls aiming towards the 50-day Exponential Moving Average.