COP/USD Exchange rate

EUR/USD is struggling with its recovery near 1.1500 in European trading on Monday. The pair continues to face headwinds from sustained US Dollar demand amid Middle East tensions. Meanwhile, traders refrain from placing fresh bets on the major ahead of the Eurozone and US PMI data. 

Gold price bulls seem reluctant amid a modest USD strength and the Fed’s hawkish stance. Escalating geopolitical tensions in the Middle East could offer support to the XAU/USD pair. Traders now look forward to the release of the global flash PMIs for short-term impetuses.

GBP/USD is holding its rebound above 1.3400 in the European session on Monday. The fears that Iran would retaliate against US attacks on its nuclear sites continue to support the safe-haven US Dollar. Investors await the June preliminary PMI readings from the UK and the US for fresh trading directives. 

Cardano price hovers around $0.54 on Monday, after falling nearly 15% last week, as tensions in the Middle East escalated following the US attack on Iran. This double-digit correction triggered a wave of liquidation, wiping out a total of nearly $17 million in long positions last week.

The Strait of Hormuz is one of the key global energy gateways, with approximately 20 million barrels of oil flowing through the strait daily. If the Strait of Hormuz became non-navigable, at least in recent history, it would constitute an unprecedented negative supply shock for the energy markets.