Blogs

The Canadian Dollar (CAD) sees downside pressures across the major currencies board on Monday, getting pushed down the charts by a backsliding Crude Oil market to kick off the second week of 2024.

The US Dollar (USD) is currently trading at the 102.15 area, seeing losses due to bulls struggling to sustain the momentum gained last week.

While the greenback survives just above the 102.00 region, the risk-associated complex appears to have regained its smile at the beginning of a week dominated by the upcoming release of US inflation figures measured by the CPI.

United States Consumer Credit Change above expectations ($9B) in November: Actual ($23.75B)

The USD/JPY begins the week on the back foot with the major sliding 0.33%, weighed by falling US Treasury bond yields and a soft US Dollar (USD).

The Mexican Peso (MXN) post decent daily gains of 0.31% against the US Dollar (USD) following last week’s US employment report and a light economic docket in Mexico.

West Texas Intermediate (WTI) slid more than 4% on Monday as Saudi Arabia implemented price cuts, while the Organization of Petroleum Exporting Countries (OPEC) offset supply concerns amid geopolitical tension in the Middle East.

The German DAX led the charge in European equities on Monday, as investors bid up stocks and saw a healthy rebound in risk appetite after 2024 kicked things off with a retreat in market sentiment.

In Monday's session, the GBP/JPY softened modestly to 183.75.

Argentina Industrial Output n.s.a (YoY): -4.9% (November) vs previous -0.8%