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EUR/USD stays weak below 1.0950 on US Dollar strength
EUR/USD stays defensive below 1.0950 in European trading on Monday. Broad risk aversion, amid the escalating geopolitical tensions in the Middle East and conflicts between China and Taiwan, underpin the safe-haven US Dollar at the expense of the Euro.
GBP/USD steadies above 1.3050 amid cautious markets
GBP/USD trades modestly flat above 1.3050, struggling to capitalize on Friday's modest gains in the European session on Monday. Sustained US Dollar strength, due to looming geopolitical risks worldwide and China's economic concerns, keeps the pair in a familiar range.
Gold price draws support from hopes for additional Fed rate cuts, stronger USD caps gains
Gold price attracts some dip-buying on the first day of a new week and trades near a one-week top, around the $2,660 region heading into the European session. The US PPI pointed to a favorable inflation outlook and suggested that the Fed will cut interest rates further.
Week ahead: What are the financial markets watching this week
The European Central Bank is widely anticipated to reduce policy by 25bps amid softening CPI inflation data and weak growth metrics. Investors have fully priced in the cut, with another 25bp reduction expected at December’s meeting. A rate cut this week would follow rate reductions in June and September.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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