EUR/USD holds positive ground above the mid-1.0900s amid the USD weakness. European Central Bank (ECB) officials emphasized the need to wait for more data before making decisions on rate normalization. The US Producer Price Index (PPI) unexpectedly dropped in December. Investors will focus on Eurozone Industrial Production, due later on Monday. (FXStreet) 

USD/JPY gains ground on improved US Dollar. Risk-averse sentiment contributes support to strengthening the Greenback. BOJ is expected to maintain its inflation projection near 2.0% target in the coming years. (FXStreet) 

GBP/USD recovers its intraday losses on the weaker US Dollar. The risk-on mood fades on escalated tension in the Middle East. Barclays revised its forecast on the Fed rate cut to March from June. (FXStreet) 

USD/CAD trades on a softer note near 1.3391 on the softer USD. The swaps market anticipates nearly 175 basis points (bps) of Federal Reserve (Fed) easing this year. The Bank of Canada (BoC) is widely expected to start cutting interest rates this year after a series of rate hikes. The Canadian Consumer Price Index (CPI), and US Retail Sales for December will be in the spotlight this week. (FXStreet) 

EUR/JPY rebounds to 159.25 ahead of the Eurozone Industrial Production data. The cross keeps the bullish vibe unchanged above the key EMA; RSI indicator stands above the 50 midline. The critical upside barrier is seen at 160.00; the key support level is located at the 158.30–158.40 zone. (FXStreet) 

USD/CHF treads water to continue its winning streak as the US Dollar improves. The escalated concern in the Red Sea could have supported the safe-haven CHF. The 28,000 leaders are expected to participate in the 54th World Economic Forum Annual Meeting in Davos. (FXStreet) 

NZD/USD retraces its gains on risk-averse sentiment due to the Middle East situation. Softer US PPI data boosted the market sentiment toward the Fed rate cut. Chinese inflation remains in deflationary territory, keeping the antipodean currencies, including the New Zealand Dollar (NZD). (FXStreet) 

WTI price gains ground for the third session on fear of conflict escalation in the Red Sea. Iran-led Houthis launched a cruise missile at the US Navy vessel in the Red Sea. Protesters threatened to close down two additional oil and gas facilities in Libya. (FXStreet) 

Source: FXStreet

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