EUR/USD traded higher near a one-week high around 1.1730 during the European trading session on Monday. The major currency pair strengthened as the US Dollar (USD) underperformed its peers amid strong expectations that the Federal Reserve (Fed) will continue its monetary easing cycle at its September policy meeting. At the time of writing, the US Dollar Index (DXY), which tracks the greenback against six major currencies, was trading near its August low around 97.55. According to the CME FedWatch tool, there is an 87.6% chance that the Fed will cut interest rates by 25 basis points (bps)...
Oil prices rose more than 1% on Monday amid concerns over supply disruptions due to escalating Russian-Ukrainian airstrikes and a weakening dollar. Brent crude rose 83 cents, or 1.2%, to $68.31 a barrel at 12:15 GMT. U.S. West Texas Intermediate crude also rose 83 cents, or 1.3%, to $64.84. Trading is expected to be light due to a U.S. public holiday. Brent and WTI crude recorded their first monthly declines in four months in August, falling 6% or more due to increased supply from the OPEC+ producer group. "Crude oil fell in August and started September without a clear direction within...
Gold (XAU/USD) started the week on a positive note, extending its rally for the fifth consecutive day to reach its highest level in more than four months, last seen on April 22. A generally weaker US dollar (USD) and strong expectations for a Fed rate cut in September continued to bolster bullion's momentum. At the time of writing, XAU/USD was trading around $3,470 in the European session, down from an intraday high of $3,489 recorded during the Asian session and approaching an all-time high of $3,500. Mild technical selling and stable US Treasury yields weighed on sentiment, while trading...