As financial markets in Asia began their week, early Monday morning indications pointed to a modest strengthening of the US Dollar against a basket of major currencies. These initial price movements were observed just before 5 AM in Tokyo, 4 AM in Singapore and Hong Kong, 6 AM in Australia, and 8 AM in New Zealand.
For retail forex and CFD traders, these early Asian session movements can sometimes set the tone for the trading day, though liquidity is typically lower compared to later sessions in Europe and North America. Monitoring these initial shifts can offer insights into immediate market sentiment.
The Euro was trading lower against the greenback, with EUR/USD around 1.1554. Similarly, the British Pound saw a dip, placing GBP/USD near 1.3487. The Japanese Yen also weakened, positioning USD/JPY at approximately 157.79. Other pairs showed the US Dollar's upward momentum, with USD/CHF at about 0.8088 and USD/CAD around 1.3961.
Weekend Economic Data from China
- China's July Consumer Price Index (CPI) registered its lowest point in six months, indicating a cooling in inflation.
- Producer Price Index (PPI) figures also showed an easing trend, suggesting reduced cost pressures at the factory gate.
The Australian Dollar and New Zealand Dollar also experienced declines versus the US Dollar, with AUD/USD trading near 0.7060 and NZD/USD around 0.5879. These early indications provide a snapshot of market sentiment at the start of the trading week, with the US Dollar generally showing an upward bias following the weekend close.
📰 Based on reporting from: ForexLive →