A tight labor market and slowed inflation have increased market anticipation for another 50 bps interest rate increase from the US Federal Reserve, thus strengthening the greenback against its peers. EUR/USD declined and stabilized at 1.0260, finally closing at 1.0258. GBP/USD fell to 1.213, with forecasts of lower Average Earnings on Tuesday.
The latest meeting minutes from the Reserve Bank of Australia will be available tomorrow morning, given the gradual economic recovery in China and Australia being less impacted by inflation, the Aussie was slightly cheered to 0.7121 with minor gains. The USD/CAD pair was relatively stable at 1.2773.
WTI oil futures went further down to $92.09 a barrel, as investors received reports from Iran about a possible thawing of diplomatic relations, while Saudi Arabia’s leading oil producer is ready to boost production.
Gold prices reached $1,815.5 an ounce, thanks to a strong dollar. Bitcoin just surged over $600 to $24,822.8.