US Dollar to soften over the balance of 2024 versus the core majors – Scotiabank

The EUR/USD pair gains ground to around 1.1625, snapping the four-day losing streak during the early European session on Monday. The US Dollar faces some selling pressure against the Euro after U.S President Donald Trump threatened escalating tariffs on eight European nations that have opposed his plan to take Greenland. US markets are closed on Monday as the country observes Martin Luther King Jr. Day.

The GBP/USD pair gains traction to around 1.3400 during the early Asian session on Monday. The US Dollar weakens against the Pound Sterling amid US President Donald Trump's latest tariff threats against Europe over ‌Greenland. The US markets are closed in observance of the Martin Luther King Jr. Day holiday on Monday.

Gold catches aggressive bids at the start of a new week and jumps to the $4,700 neighborhood, or a fresh all-time peak, during the Asian session amid the global flight to safety. US President Donald Trump threatened to impose new tariffs on eight European countries that opposed his plan to acquire Greenland. 

Meme coins, such as Dogecoin, Shiba Inu, and Pepe, extend the decline from last week, with a roughly 3% drop on Monday. The meme coins trade below the crucial moving averages, aiming for the immediate support to potentially reset the momentum.

Markets opened the week like a risk engine hitting a pothole at speed. Equities stepped back, gold vaulted to fresh highs, Treasuries caught a bid, and the dollar, outside of havens, took on a soft bid. This was not a data-driven wobble or a valuation purge.

Meme coins, such as Dogecoin, Shiba Inu, and Pepe, extend the decline from last week, with a roughly 3% drop on Monday. The meme coins trade below the crucial moving averages, aiming for the immediate support to potentially reset the momentum.