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Forex Today: Gold, Silver shine as US Dollar sags amid thin trading conditions
Here is what you need to know on Monday, September 1:
Crude Oil price today: WTI price bearish at European opening
West Texas Intermediate (WTI) Oil price falls on Monday, early in the European session. WTI trades at $63.56 per barrel, down from Friday's close at $63.76.Brent Oil Exchange Rate (Brent crude) is stable, hovering around its previous daily close at $67.37.
EUR/GBP holds positive ground above 0.8650 on hotter-than-expected German CPI data
The EUR/GBP cross gains momentum to around 0.8660 during the early European trading hours on Monday. The hotter-than-expected preliminary reading of Germany's Consumer Price Index (CPI) report provides some support to the Euro (EUR).
EUR/JPY climbs above 172.00 amid lingering uncertainty over Eurozone inflation
EUR/JPY extends its gains for the third successive session, trading around 172.20 during the Asian hours on Monday.
Gold rallies to over four-month top amid Fed rate cut bets, weaker USD, geopolitical risks
Gold (XAU/USD) gains strong follow-through traction at the start of a new week - marking the sixth day of a positive move in the previous seven - and jumps to the $3,486 area, or the highest level since April 22, during the Asian session.
USD/CHF trades cautiously near 0.8000 at the start of busy US-data week
The USD/CHF pair trades with caution near 0.8000 during the Asian trading session on Monday. The Swiss France pair struggles to gain ground as investors turn extremely cautious ahead of an array of United States (US) labor market-related data publishing this week.
GBP/USD Price Forecast: First upside barrier emerges above 1.3600
The GBP/USD pair edges higher to near 1.3520 during the early European session on Monday. The growing prospect that the Federal Reserve (Fed) will lower borrowing costs at least twice by the end of this year undermines the US Dollar (USD) against the Pound Sterling (GBP).
USD/INR opens near all-time highs as Indian Rupee underperforms
The Indian Rupee (INR) opens on a positive note near its all-time highs against the US Dollar (USD) at the start of the week.
US Dollar Index steadies above 97.50 as Fed rate cut bets weigh on outlook
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after registering losses in the previous four successive sessions and trading around 97.70 during the Asian hours on Monday.
India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Monday, according to data compiled by FXStreet.
EUR/USD gains momentum above 1.1700 ahead of ECB's Lagarde speech
The EUR/USD pair trades on a stronger note near 1.1705 during the Asian trading hours on Monday. The rising rate cut expectation from the US Federal Reserve (Fed) continues to weigh on the Greenback against the Euro (EUR).
USD/CAD remains below 1.3750 as Fed rate cut bets weigh on US Dollar
USD/CAD loses ground for the fifth consecutive session, trading around 1.3740 during the Asian hours on Monday. The pair depreciates as the US Dollar (USD) faces challenges amid rising bets of an interest rate cut by the US Federal Reserve (Fed) in the September meeting.
Silver Price Forecast: XAG/USD rallies to mid-$40.00s, highest since September 2011
Silver (XAG/USD) gains strong follow-through positive traction for the third successive day and rallies to the $40.50-$40.55 area, or its highest level since September 2011, during the Asian session on Monday.
WTI falls to near $63.50 due to oversupply, weaker demand concerns
West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $63.50 per troy ounce during the Asian hours on Monday. Crude Oil prices decline due to potential for oversupply concerns and weaker demand prospects.
Japanese Yen reverses intraday downtick against USD; seems poised to appreciate further
The Japanese Yen (JPY) struggles to capitalize on its modest Asian session uptick and remains below mid-147.00s at the start of a new week. Geopolitical risks stemming from Russia's sweeping attack on Ukraine and escalating Israel-Hamas conflict could offer some support to the safe-haven JPY.
NZD/USD strengthens above 0.5900 after upbeat China's Caixin Manufacturing PMI data
The NZD/USD pair attracts some buyers to around 0.5905 during the Asian trading hours on Monday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) after China's August Caixin Manufacturing Purchasing Managers Index (PMI) report.
Australian Dollar remains subdued following China's Manufacturing PMI
The Australian Dollar (AUD) inches lower after four days of gains. However, the AUD/USD may further advance as the US Dollar (USD) struggles amid rising bets of a US Federal Reserve (Fed) rate cut in the September meeting.
USTR Greer: US will continue to work on trade deals despite the court ruling
US Trade Representative Jamieson Greer said in a Fox News interview on Sunday that US President Donald Trump's administration will likely continue negotiations with its trade partners despite Friday's US court ruling.
China's Caixin Manufacturing PMI unexpectedly jumps to 50.5 in August vs. 49.5 expected
China's Caixin Manufacturing Purchasing Managers' Index (PMI) leaped to 50.5 in August from 49.5 in July, according to the latest data released on Monday.
Gold Price Forecast: XAU/USD declines below $3,450, Fed rate cuts bets might cap its losses
The Gold price (XAU/USD) trades in negative territory near $3,440 during the Asian trading hours on Monday. The precious metal retreats from an 11-week high due to some profit-taking.
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