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EUR/USD stays below 1.1200 after German IFO data
EUR/USD struggles to gain traction and trades marginally lower on the day below 1.1200 in the European session, even though the IFO sentiment figures from Germany came in slightly better than expected. Investors await Durable Goods orders data from the US.
GBP/USD hovers around 1.3200 as USD finds its feet
GBP/USD is off multi-month highs to tread water near 1.3200 early Monday. The US Dollar attempts a minor recovery amid souring risk sentiment, acting as a headwind for the pair. Middle East geopolitical risks and US Durable Goods data are closely eyed.
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Editors’ Picks
Gold price advances toward record highs at $2,532
Gold price finds fresh demand and advances toward an all-time high of $2,535 in the European session on Monday. The bright metal stays underpinned by the Middle East geopolitical tensions and increased dovish Fed bets, which keep a check on the US Dollar bounce.
Toncoin price crashes double-digits as Telegram CEO Pavel Durov Arrested
Toncoin (TON) plunged 14% in two days, reaching a low of $5.23 on Sunday. As of Monday, it trades at around $5.73. This bearish sentiment was initiated by the arrest of Pavel Durov, CEO of Telegram, by the Fench authorities on Saturday.
Powell keeps the door for 50bps rate cut open
The USD was the weakest performer in the G-10 forex space last week, As Fed Chair Powell delivered another policy pivot at the Jackson Hole conference. Powell’s message that the ‘time has come’ for rate cuts provided greater conviction to the markets on a September rate cut.