EUR/USD remains pressured at the lowest level in a week, declining to 1.0925 amid the early hours of Monday’s European session. In doing so, the Euro pair justifies the market’s rush toward the US Dollar despite the recently positive headlines from Italy. (FXStreet)

USD/JPY bulls take a breather at the highest level in a year as market players seek more clues to defend the Yen pair’s early-day run-up towards refreshing the Year-To-Date (YTD) peak amid the initial hour of Monday’s European session. In doing so, the Yen pair also justifies the Bank of Japan’s (BoJ) bond market moves, as well as the US Dollar’s retreat despite sour sentiment. (FXStreet)

The GBP/USD pair remains under pressure and trades in a negative territory for the fourth consecutive week. The major pair currently trades around 1.2665, down 0.23% for the day. The upbeat UK data fails to lift the Pound Sterling as investors are concerned about the possibility of a further rate hike that would impact the UK economy. (FXStreet) 

USD/CHF stays defensive around 0.8770 heading into Monday’s European session as it edges higher past 200-SMA within a fortnight-old symmetrical triangle. In doing so, the Swiss Franc (CHF) pair struggles to justify the US Dollar’s strength amid the risk-off mood, as well as backed by the firmer Treasury bond yields. It’s worth noting that the fresh debt woes from China join the cautious mood ahead of the FOMC Minutes and indecision about the Fed’s next move weighs on sentiment and puts a floor under the quote. (FXStreet)

The AUD/USD pair drops to its lowest level since November 2022 on the first day of a new week, albeit manages to rebound a few pips heading into the European session. Spot prices currently trade around the 0.6480 region, still down over 0.25% for the day, and remain vulnerable to prolonging the downward trajectory witnessed over the past month or so. (FXStreet)

The USD/CAD pair trades in positive territory in the Asian trading hours on Monday. The uptick in the pair is bolstered by mixed US economic data and the rise in US 10-year Treasury bond yields. Meanwhile, the uptick in oil prices supports the Loonie against the US Dollar. The major pair currently trades near 1.3457, gaining 11% for the day. Market participants will keep an eye on the Canadian Consumer Price Index (CPI) YoY for July on Tuesday. The figure is expected to rise from 2.8% to 3.0% on a yearly basis. (FXStreet)

The NZD/USD pair stages a goodish intraday recovery from the vicinity of mid-0.5900s, or its lowest level since November 2022 touched this Monday and hits a fresh daily peak during the early European session. Spot prices currently trade just below the 0.600 psychological mark, up nearly 0.10% for the day, and for now, seem to have snapped a four-day-losing streak, though any meaningful appreciating move still seems elusive. (FXStreet)

The AUD/USD pair drops to its lowest level since November 2022 on the first day of a new week, albeit manages to rebound a few pips heading into the European session. Spot prices currently trade around the 0.6480 region, still down over 0.25% for the day, and remain vulnerable to prolonging the downward trajectory witnessed over the past month or so. (FXStreet)

The EUR/GBP cross struggles to gain and remains on the defensive above the 0.8600 mark in the Asian session on Monday. Market players await the Eurozone Gross Domestic Product (GDP) Q2 due on Wednesday. The growth numbers are expected to remain at 0.6% and 0.5% on a yearly and monthly basis, respectively. (FXStreet)

The AUD/JPY cross loses traction and remains capped below the 94.00 barrier on Monday. Earlier in the day, the Bank of Japan (BoJ) offers unlimited Japanese Government Bonds (JGBs) with a residual maturity of 5 to 10 years at a fixed rate. Following the data, AUD/JPY edges lower to 93.57 and rebounded to the 93.75 mark in the Asian session. (FXStreet)

USD/IDR retreats from the five-week high of 15,350, marked earlier in the day, as Bank Indonesia (BI) defends Rupiah (IDR) traders from high volatility heading into Monday’s European session.  Following the BI meddling, the Indonesia Rupiah pair drops to 15,325, retreating to the day-start levels by the press time. (FXStreet)

USD/INR bulls cheer risk aversion in Asia, as well as the anxiety ahead of India inflation data, to refresh yearly high near 83.10 during early Monday. In doing so, the Indian Rupee (INR) pair also justifies the domestic struggle to take over China amid the Reserve Bank of India’s (RBI) inaction. (FXStreet)

The EUR/JPY cross kicks off the new week on a softer note and moves further await from its highest level since September 2008, around the 159.20 region touched on Friday. Spot prices drop to the 158.25 region during the Asian session, down for the second straight day, though any meaningful corrective decline still seems elusive. (FXStreet)

The NZD/USD pair remains under some selling pressure for the fifth successive day and drops to its lowest level since November 2022, closer to mid-0.5900s during the Asian session on Monday. (FXStreet)

People’s Bank of China (PBoC) set the USD/CNY central rate at 7.1686 on Monday, versus the previous fix of 7.1587 and market expectations of 7.2461. It's worth noting that the USD/CNY closed near 7.2388 the previous day. (FXStreet)

GBP/JPY takes offers to refresh the intraday low near 183.50 during the first loss-making day in six amid early Monday morning in Asia. In doing so, the cross-currency justifies the market’s sour mood amid a light calendar, as well as ignores the hawkish concerns about the Bank of England. (FXStreet)

Price action on the daily AUD/NZD chart above shows a golden cross formation (green) developing and has already produced some uptick from AUD bulls - which I expect to rally further. In addition, the Relative Strength Index (RSI) has recently edged above the 50 mark which suggests short-term upside momentum. (DailyFX)

Western Texas Intermediate (WTI) Crude Oil prices come under some renewed selling pressure on the first day of a new week and retreat further from the YTD peak, around the $84.30-$84.35 region touched last Thursday. The black liquid, however, manages to recover a major part of its intraday losses and trades around the $82.35 region during the early European session, down only 0.20% for the day. (FXStreet)

Silver kicks off the new week on a softer note and touches a fresh low since July 7 during the Asian session, though lacks follow-through selling. The white metal now seems to have entered a bearish consolidation phase and is seen oscillating in a narrow trading band just above mid--$22.00s. The technical setup, meanwhile, remains tilted in favour of bearish traders and suggests that the path of least resistance for the XAG/USD is to the downside. (FXStreet)

Gold Price (XAU/USD) keeps bears on the driver’s seat at the monthly low, after witnessing a four-week downtrend, as headlines from China roil market sentiment and underpin the US Dollar’s haven demand. Adding strength to the risk-off mood are the geopolitical concerns about Russia and the firmer US Treasury bond yields, which in turn allows the US Dollar Index (DXY) to remain firmer after rising in the last four consecutive weeks despite looming policy pivot at the Federal Reserve (Fed). (FXStreet)

Source: FXStreet, DailyFX

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