Markets were all over the place on Monday. US equities put in a decent recovery, though this did nothing to help beaten down commodity FX, with the Australian Dollar, New Zealand Dollar and Canadian Dollar all getting hammered.
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AUD/USD struggles near one-month low despite subdued USD demand
![AUD/USD struggles near one-month low despite subdued USD demand](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/AUDUSD/macro-of-aussie-100-note-8615104_XtraSmall.jpg)
AUD/USD consolidates its recent heavy losses and seems vulnerable to sliding further amid worries about the slowing Chinese economy. Unexpected interest rate cuts by the People's Bank of China on Monday might also continue to undermine the China-proxy Aussie. Meanwhile, dovish Fed expectations keep the USD bulls on the defensive.
EUR/USD trapped below 1.09 as quiet Monday markets churn
![EUR/USD trapped below 1.09 as quiet Monday markets churn](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/MoneyEURUSD_3_XtraSmall.jpg)
EUR/USD churned on Monday just below 1.0900 as the new trading week kicks things off on a notably light note. Meaningful data remains limited for the first half of the trading week, leaving Fiber traders to shuffle in place as investors await Wednesday’s key PMI figures for both the EU and the US.
Gold price remains on the defensive below $2,400 mark, over one-week low
![Gold price remains on the defensive below $2,400 mark, over one-week low](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stacks-of-gold-bars-19033163_XtraSmall.jpg)
Gold price struggles to attract any meaningful buyers during the Asian session on Tuesday and languishes near a one-and-half-week low touched the previous day. Biden’s withdrawal from the US Presidential race and unexpected interest rate cuts by the People's Bank of China boosted the global risk sentiment on Monday.
SEC gives final approval for Ethereum ETFs to begin trading
![SEC gives final approval for Ethereum ETFs to begin trading](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_4_XtraSmall.jpg)
The Securities and Exchange Commission approved the S-1 registration statements of spot Ethereum ETF issuers on Monday, making it the second digital asset ETF to go live in the US, according to the latest filings on its website.
Commodity FX gets no help from higher US equities
![Commodity FX gets no help from higher US equities](https://editorial.fxstreet.com/images/Markets/Commodities/Energy/Gas/soaring-gas-prices-6660220_XtraSmall.jpg)
Markets were all over the place on Monday. US equities put in a decent recovery, though this did nothing to help beaten down commodity FX, with the Australian Dollar, New Zealand Dollar and Canadian Dollar all getting hammered.