As the week gets going, the market will be contending with the latest bout of risk off flow which saw US equities reverse sharply off record highs. The flight to safety intensified in the latter portion of the previous week and Dollar demand picked up as well.

 

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AUD/USD rebounds from over two-week low as US political jitters weigh on USD

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AUD/USD kicks off the new week on a positive note around the 0.6680 region touched on Friday. US President Joe Biden's exit from the presidential race increased the odds for former President Donald Trump and boosted investors' appetite for riskier assets. This comes on top of dovish Fed expectations, which prompts fresh US Dollar selling.

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EUR/USD holds positive ground near 1.0900 amid weaker US Dollar

EUR/USD holds positive ground near 1.0900 amid weaker US Dollar

The EUR/USD pair gains ground near 1.0895 during the early Asian session on Monday. The decline of the US Dollar provides some support for the major pair. The German Retail Sales for May are due later in the day, followed by the US Chicago Fed National Activity Index for June. 

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Gold jumps above $2,400 amid a risk-averse environment

Gold jumps above $2,400 amid a risk-averse environment

Gold price attracts some buyers around $2,410, snapping the three-day losing streak during the early Asian session on Monday. The yellow metal edges higher amid the political uncertainty in the United States after the report that US President Joe Biden dropped out of the US presidential race.

Gold News

ALT, WLD, ENA, ID set for $200 million token unlocks next week

ALT, WLD, ENA, ID set for $200 million token unlocks next week

The crypto market is set to experience another wave of token unlocks next week, with Altlayer, Worldcoin, Ethena, and Space ID set for a combined token unlock worth about $200 million.

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US President Joe Biden stands down from reelection, endorses Kamala Harris

US President Joe Biden stands down from reelection, endorses Kamala Harris

Following a long week of political turmoil, United States President Joe Biden announced on Sunday that he will end his reelection bid and will speak to the nation later this week in more detail about his decision.

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