USD/NGN Exchange rate

EUR/USD came under renewed bearish pressure and dropped to its lowest level since March below 1.0600 on Monday. While ECB President Lagarde's cautious comments on the policy outlook forces the Euro to stay on the back foot, the USD benefits from risk aversion and further weighs on the pair.

Following a short-lasting recovery attempt in the European session, GBP/USD turned south and touched its weakest level in six months near 1.2200. Following a bearish opening in Wall Street, the US Dollar continues to gather strength and causes the pair to stretch lower.

After climbing toward $1,930 in the European session on Monday, Gold price reversed its direction and turned negative on the day below $1,920. The benchmark 10-year US Treasury bond yield is up more than 2% on Monday above 4.5%, weighing heavily on XAU/USD.

Bitcoin price tumbled to $26,110, early on Monday, traders are likely to shift their attention to altcoins, looking for price gains. On-chain intelligence tracker Santiment, developed an “Asset Activity Matrix,” a tool that compares over 180 altcoins, to identify assets with high and low activity.

The S&P 500 index lost 2.93% last week as the Federal Reserve’s (Fed) September 20 policy meeting spooked investors with the central bank’s lack of interest in cutting interest rates anytime soon.