UOB Global Economics & Markets Research highlights that WTI and Brent futures rebounded modestly on Friday but still logged their largest weekly declines since April 2026.
West Texas Intermediate (WTI), futures on NYMEX, is up 5.2% to near $96.60 in the Asian trade at the start of the week. The Oil price attracts significant bids as expectations that the United States (US) and Iran will reach a permanent ceasefire in the near term have faded.
European Central Bank (ECB) Governing Council member Martin Kocher said that there’s no need to delay the interest rate hikes if energy prices don’t improve swiftly.
Gold (XAU/USD) kicks off the new week on a weaker note and remains on the defensive below the $4,700 mark through the Asian session amid the emergence of some US Dollar (USD) buying.
The AUD/JPY cross posts modest gains near 113.60 during the early European trading hours on Monday. The Australian Dollar (AUD) edges higher against the Japanese Yen (JPY) on a hawkish tone from the Reserve Bank of Australia (RBA).
The European Central Bank (ECB) outgoing Vice President Luis de Guindos said that the central bank needs to be prudent when deciding on an expected interest rate hike next month as growth was set to weaken, the Financial Times reported on Monday.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding gains after modest losses the previous day, trading around 98.10 during Asian hours on Monday.
China continued to lead Asia’s push into Gold buying via Exchange-Traded Funds (ETFs) in April, with Hong Kong registering its highest inflows ever, as Gold prices stabilized after a major pullback in March.
Silver price (XAG/USD) rises to near $81.50 during the early Asian trading hours on Monday. The white metal extends the rally amid rising demand from industrial applications. Traders will closely monitor the developments surrounding the US-Iran peace deal for fresh impetus.
The USD/CAD pair attracts some dip-buying following Friday's late pullback from the vicinity of the 100-day Simple Moving Average (SMA) and climbs back closer to the 1.3700 during the Asian session on Monday.
AUD/USD gains ground after opening at a bearish gap but still remains in the negative territory, trading around 0.7240 during the Asian hours on Monday. The pair moves little despite stronger-than-expected China’s Consumer Price Index (CPI) data.