On Monday, Boston Federal Reserve (Fed) President Susan Collins said the resumption of hostilities in the Middle East was a key reason for supporting the increase in the Fed funds rate last week.
UOB’s Jester Koh assesses Singapore’s soft labour market and its implications for Monetary Authority of Singapore policy. The Labour Market Pressure Index shows rising slack, which UOB links to weaker passthrough of supply-side shocks into inflation.
Gold price retreats on Monday, down over 0.6% following last week’s Federal Reserve (Fed) interest rate hike. That 25 bps hike initially pushed US bond yields higher, but the US Dollar Index (DXY) has recovered some ground on Monday despite Treasury yields falling in the back half.
OCBC’s Christopher Wong notes that Indonesia’s appointment of Finance Minister Suahasil Nazara signals fiscal continuity and discipline, helping to reduce domestic risk premia for the Rupiah.
ING strategists Ewa Manthey and Warren Patterson note ICE Brent and WTI started the week lower despite persistent supply risks and elevated speculative length. They highlight Saudi Aramco’s curtailed allocations after pipeline damage, tighter European crude markets, and strong bullish positioning.
Commerzbank’s Henry Hao and Moses Lim highlight that Singapore’s August NODX growth was the strongest since 1998, driven by surging electronics and robust AI-related demand. They expect NODX to stay firm but moderate as base effects fade.
St. Louis Federal Reserve (Fed) President Alberto Musalem said interest rates likely need to rise further to tame inflation that is both demand- and supply-driven.
AUD/USD reverses its earlier gains on Monday as a broadly firmer US Dollar (USD) and hawkish Federal Reserve (Fed) expectations cap the upside.
OCBC’s Christopher Wong comments that USD/KRW eased as Korean equities rebounded and foreign investors briefly turned net buyers, but warns this may not mark a lasting shift.
The US Dollar (USD) has started the week on a positive footing, rapidly leaving behind two daily drops in a row and refocusing on the upper end of its recent range amid steady bets for extra rate hikes by the Fed and reignited geopolitical tensions.
The Bank of Canada Governor, Tiff Macklem, said that he expects inflation to “drift up a little higher in the coming months,” and commented that “a new era of uncertainty is not going away any time soon,” as he spoke in Halifax.
The Dow Jones Industrial Average (DJIA) trades near 51,900 on Monday after its worst week since March. Crude Oil fell back under $100 after President Donald Trump told Fox News he'd probably be open to meeting Iran's President Masoud Pezeshkian at the United Nations General Assembly this week.
The Pound Sterling (GBP) retreats by some 0.17% on Monday as the US Dollar (USD) trades in the green following last week’s Federal Reserve (Fed) rate hike, which widened the interest rate differential between the US and the UK, while still-high energy prices put pressure on major central banks to ra
Bank of Canada (BoC) Governor Tiff Macklem, speaking in Halifax, Nova Scotia, on Monday, offered a cautious assessment of the economy as higher energy prices and US tariffs create competing risks for inflation and growth.
West Texas Intermediate (WTI) US Oil extends its decline for the fourth consecutive day on Monday, trading around $91.90 per barrel at the time of writing, down 3.54% on the day.
USD/CHF extends its pullback on Monday after climbing to 0.8263 last week, its highest level since May 2025.
ING’s Francesco Pesole notes that a reported Bank of Japan rate check briefly pushed USD/JPY below 157.0 and suggests authorities may focus on the pace of moves rather than a specific level.
USD/JPY extends its advance on Monday and trades around 157.45 at the time of writing, up 0.36% on the day.
EUR/USD trades with a downside bias on Monday as the US Dollar holds near recent highs, supported by expectations of additional Federal Reserve (Fed) interest rate hikes. Developments in the Middle East also remain in focus.
Societe Generale strategists Michael Haigh and Jeremy Sellem argue that global Oil product markets have shifted from tight to critical. They link East-West pipeline disruptions, Russian outages, elevated freight and low inventories to structurally constrained supply.
National Bank of Canada (NBC) strategist Angelo Katsoras analyzes how the 2026 United States (US) midterm elections could reshape policy under President Trump. He notes Democrats are favoured by high inflation, weak approval ratings and a strong generic ballot lead.
EUR/GBP trades around 0.8575 on Monday at the time of writing, virtually unchanged on the day. The Euro (EUR) struggles to regain bullish momentum against the British Pound (GBP), as political concerns in Germany partly offset support from falling Oil prices.
Standard Chartered economists Anubhuti Sahay and Saurav Anand highlight that India’s AI-enabling goods trade deficit has become the second-largest contributor to the country’s trade gap after Oil, overtaking Gold.
TD Securities’ commodity strategists report that CTAs (Commodity Trading Advisors) have reversed recent Gold buying, yet emphasize that discretionary investors continue to support the metal.
USD/CAD holds firm near the 1.4000 psychological mark on Monday as the Federal Reserve’s (Fed) hawkish outlook and widening US-Canada interest-rate differentials keep the Canadian Dollar (CAD) on the back foot.
ING strategist Francesco Pesole notes the Dollar remains supported as ING now expects the Fed to deliver one final rate hike in December. Despite near-term upside risks for the Dollar, ING keeps a gradually negative longer-term view and anticipates lower energy prices in Q4.
OCBC’s Christopher Wong notes that the Japanese Yen (JPY) weakened after the BoJ’s 25 bp hike to 1.25% as limited guidance on further normalisation disappointed hawkish expectations.
The US Dollar (USD) trades slightly higher on Monday as traders remain confident that the Federal Reserve (Fed) will hike interest rates again this year. At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.1% higher to near 100.30.
Silver (XAG/USD) starts the week on a positive note, gaining 0.37% on Monday to trade around $66.50 at the time of writing. The precious metal manages to advance despite a stable US Dollar (USD), with the US Dollar Index (DXY) trading virtually unchanged around 100.25.
Gold (XAU/USD) remains on the defensive on Monday, pausing a two-day winning streak as expectations of additional Federal Reserve (Fed) rate hikes and a firmer US Dollar (USD) limit the upside.
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