Forex News

EUR/USD is edging higher toward 1.0900 early Monday, helped by a better market mood. The pair also draws support from softer US Dollar and US Treasury bond yields, awaiting Fedspeak amid light European trading. 

Gold price gains momentum on Monday. The yellow metal hit a record high near $2,441 during the Asian session on Monday amid renewed hopes for interest rate cuts from the US Federal Reserve and rising geopolitical tensions in the Middle East.

GBP/USD extends its gains for the second consecutive session, trading around 1.2710 during the Asian hours on Monday. A weaker US Dollar supports the pair. The Pound Sterling may face a challenge as the BoE is expected to deliver 60 basis points rate cuts in 2024.

Bitcoin’s attempt at a comeback has stirred the pot, causing altcoins to become volatile again. With the US Securities and Exchange Commission set to make its decision on Ethereum ETFs this week, some sectors of altcoins might see higher liquidity and volatility than others. 

What a difference a couple of days make. One day stock markets are making record highs and banking on rate cuts, the next stocks are giving back gains and rate cut expectations are being pared back.