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GBP/USD sets aside Friday’s uptick and retreats markedly toward the 1.3300 yardstcik on Monday. Falling crude oil prices following a pause in the Middle East conflict in combination with the recent soft reading in UK inflation appear to play against any BoE tightening ahead of the bank’s event later in the week.
EUR/USD loses bullish momentum and slips back below the 1.1400 region at the beginning of the week. Hopes of a de-escalation in the Middle East appears to lend support to the pair, although uncertainty persists over whether the US and Iran can reach a lasting solution.
Gold (XAU/USD) opens the week with a bullish gap on Monday but struggles to build on its early advance as optimism over a temporary pause in attacks between the United States (US) and Iran fades and Oil prices recover from intraday lows. At the time of writing, XAU/USD trades around $4,083 after briefly climbing above $4,100, up 0.77% on the day.
Bitcoin (BTC) holds above the key 200-week Simple Moving Average (SMA) around $63,500, having posted four consecutive weeks of gains. Institutional demand shows mild signs of improvement with spot Exchange Traded Funds (ETFs) posting inflows for a third consecutive week.
Bitcoin's options market has turned notably less defensive over the past month, unwinding the downside protection traders built up in June just as the Federal Reserve prepares to meet.
The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.
