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AUD/USD keeps its bid tone well in place for yet another day, this time advancing to the 0.7220-0.7230 band to hit fresh four-month high on Monday. The persistent uptrend in the pair comes on the back of the resurgence of the bearish trend in the Greenback amid unabated tensions in the Middle East. Next on tap in Oz will be the Westpac’s Consumer Confidence index, housing data, and speeches by the RBA’s Hunter and Hauser
USD/JPY weakens further and remains close to the 154.00 neighbourhood, or seven-month lows, ahead of the opening bell in Asia. The pair’s severe retracement comes in response to rising bets of a rate hike by the BoJ at its next meeting coupled with repatriation speculation, while the offered stance in the Greenback adds to the overall bearish mood.
Gold builds on Friday’s losses, although it manages to regain some composure and reclaim the $4,400 mark per troy ounce on Monday. The yellow metal’s decline follows the move lower in the Greenback and steady caution ahead of key US data releases toward the end of the week.
Bitcoin (BTC) is correcting below $79,000 on Monday, mirroring the broader cryptocurrency market’s lethargic, bearish-shifting outlook. The Crypto King was rejected near $81,500 last Thursday, suggesting investor exhaustion. Meanwhile, Gold (XAU/USD) remains pressed against the near-term $4,400 support, as focus shifts to the upcoming United States (US) Consumer Price Index (CPI) data on Friday.
Good morning all, hope you enjoyed your weekend. Markets are starting the week after Friday’s stronger-than-expected US jobs report, which increased expectations that the Fed could raise rates at its September meeting. However, US markets are closed today for the Labor Day holiday, so liquidity should be lower and we may see slower price action.
The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
