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Monday’s market was driven by shifting trends in risk appetite. This week will see a lot of G10 central banks make interest rate decisions, which will likely affect the tone of the overall market as well as important US data releases and advanced PMIs. With fluctuating appetite for risk and declining rates in the German money market, EUR/USD moved primarily defensively, only momentarily returning to the region above 1.0900. The European Commission is scheduled to announce its flash Consumer Sentiment print for January 2024 on Tuesday.
The early bullish momentum surrounding the British pound was maintained by the initial optimism, which led to an increase in GBP/USD above the 1.2700 mark. However, in reaction to the US dollar’s late recovery, the move petered out towards the end of the session. The UK Public Sector budgets for December will be the next topic of discussion across the Channel.
The first daily fall in the USD/JPY after five straight sessions of gains was caused by the US dollar’s limited volatility and the generalized downward direction in US rates. The BoJ will be in the spotlight on Tuesday, although nothing unexpected is anticipated during its meeting.
WTI prices flirted with multi-day highs near the $75.00 mark per barrel on the back of escalating geopolitical concerns in the Middle East and Red Sea disruptions fears.
Due to the selling tendency, gold prices partially reversed the week-end rally, and silver prices plunged to multi-week lows, momentarily breaking through the $22.00 support level.
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