EUR/USD drops to a fresh YTD low and is pressured by a combination of factors. The USD builds on the post-NFP rise and touches its highest level since December. Bets for an April rate cut by the ECB continue to undermine the shared currency. (FXStreet)

GBP/USD lost ground as US Dollar surged after blockbuster US jobs data. US Nonfarm Payrolls added 353K jobs in January against the expected 180K. Fed Chair Jerome Powell reiterated that the March meeting is too soon to start rate cuts. BoE’s Huw Pill mentioned that the right time for the rate cuts is probably still some time away. (FXStreet)

USD/CAD could surpass the psychological barrier at 1.3500 followed by January’s high at 1.3541. Technical indicators suggest a bullish confirmation towards the major support at 1.3550. The pair could find the support zone around the 50-day EMA at 1.3456 aligned with the major support at the 1.3450 level. (FXStreet)

USD/CHF continues to move on an upward trajectory after the blockbuster US Nonfarm Payrolls data. Fed’s Powell restated that initiating rate cuts in the March meeting may be premature. The Swiss National Bank is expected to initiate a rate cut in September 2024. (FXStreet)

The US Dollar Index (DXY) trades on a stronger note around 104.02 on Monday.  The Fed chair reiterated that the next meeting in March was too early for a rate cut. The US Nonfarm Payrolls (NFP) for January rose to 353K from 333K in December, stronger than expected.  (FXStreet)

NZD/USD recovers from 0.6050 as US Dollar struggles to extend recovery ahead of US Services PMI data. The market mood is downbeat as robust US labor demand has dampened the Fed’s early rate-cut prospects. Weak NZ Employment data would allow RBA policymakers to lean towards a dovish policy stance. (FXStreet)

USD/MXN gains ground as solid US labor data increases the possibility of no rate cut in March by the Fed. The recent remarks from the Fed suggest that the central bank is not inclined to pursue a rate cut in March. Market experts forecast a weakening of the Mexican Peso throughout 2024, citing uncertainties surrounding the economic policies. (FXStreet)

AUD/JPY snaps its recent gains as the safe-haven Japanese Yen improves on escalated geopolitical tension. White House national security adviser Jake Sullivan warned that US airstrikes were just the beginning. Australian Dollar faces challenges as the S&P/ASX 200 Index retreats from last week's record high ahead of RBA’s interest rate decision. (FXStreet)

WTI drifts lower for the fourth straight day and drops to a near three-week low on Monday. Bets for less aggressive rate cuts by the Fed underpin the USD and weigh on the black liquid. A further escalation of military action in the Middle East does little to ease the bearish pressure. (FXStreet)

Gold price drifts lower for the second straight day amid reduced bets for aggressive Fed easing. Rising US bond yields continue to underpin the USD and exert some pressure on the XAU/USD. Geopolitical risks and China’s economic woes fail to lend support to the safe-haven commodity. (FXStreet)

Source: FXStreet

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