On Monday, metals stole the spotlight in the trading arena, with Gold and Copper hitting record highs initially, only to retreat slightly during a subdued European morning session due to local market closures for Whit Monday celebrations.
The American trading session lacked substantial economic data, featuring mainly Federal Reserve speakers reiterating familiar messages, which failed to prompt significant movements across the foreign exchange market.
The US dollar took cues from the performance of metals, experiencing a modest recovery as Gold slid, but later resumed its downward trajectory, pressuring the $2,430 price zone against the XAU/USD pair ahead of Wall Street’s closure.
In currency pairs, the EUR/USD held steady around 1.0860, while the GBP/USD hovered around 1.2700. Commodity-linked currencies, such as the Australian and Canadian dollars, experienced notable volatility, ending the day with losses against the US dollar.
Wall Street closed with mixed results, with the DJIA shedding 200 points, while the S&P500 and Nasdaq Composite managed to eke out uneven gains.
Looking ahead, the upcoming Asian session will bring releases of Australian Westpac Consumer Confidence data and the Reserve Bank of Australia (RBA) meeting minutes. However, no significant releases are expected throughout Tuesday.
