EUR/USD is trading near 1.1690 at the time of writing, 0.4% higher on daily charts after bouncing from one-month lows at the 1.1620 area earlier on the day.

Outlook for USD is neutral now; it is likely to trade between 6.9660 and 7.0160, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The US Dollar is trading lower across the board, weighed by fresh concerns about the US Federal Reserve’s (Fed) independence.

Markets await the announcement of the next Federal Reserve Chair, with limited USD impact so far as the FOMC is expected to provide balance against a potentially dovish appointee.

Strong momentum indicates further US Dollar (USD) strength; deeply overbought conditions suggest that 158.90 is likely out of reach today. In the longer run, USD is likely to continue to rise; the level to watch is 158.90, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Gold (XAU/USD) trades around $4,580 on Monday at the time of writing, up 1.60% on the day. The precious metal reached a new all-time high at $4,601.32 earlier in the day, extending a particularly strong bullish trend seen over recent weeks.

The Federal Reserve (Fed) has received grand jury subpoenas from the Justice Department regarding Jerome Powell’s June congressional testimony about renovations at the Fed’s headquarters, ABN AMRO's Senior Economist Rogier Quaedvlieg reports.

Gold (XAU/USD) kicks off the week with strong upward momentum, surging to fresh record highs near the $4,600 psychological mark as renewed concerns over Federal Reserve (Fed) independence fuel broad risk aversion. At the time of writing, XAU/USD trades around $4,583, up nearly 1.70% on the day.

The Pound Sterling (GBP) recovers strongly to around 1.3465 against the US Dollar (USD) during the European trading session on Monday after a weak opening around 1.3390.

The Australian Dollar is posting a significant recovery against the US Dollar on Monday.

The USD/JPY pair trades firmly to its yearly high near 158.20 during the European trading session on Monday. The pair remains broadly firm while both the US Dollar (USD) and the Japanese Yen (JPY) are underperforming during the day.

The Euro posts minor losses against the British Pound on Monday, trading at 0.8670 at the time of writing, after failing to break resistance at 0.8690 for the second time over the last few days.

The Indian Rupee (INR) trades almost steady against its peers at the start of the week. The Indian Rupee stabilizes while rising oil prices and the continued outflow of foreign funds from the Indian stock market keep it broadly under pressure.

The AUD/USD pair trades 0.35% higher to near 0.6710 during the European trading session on Monday.

The combination of slowing momentum and oversold conditions suggest New Zealand Dollar (NZD) is likely to consolidate, probably between 0.5715 and 0.5750.

Heightened political threat to the Federal Reserve's (Fed) independence roil markets. The US Dollar (USD), long-term Treasuries and US equity futures all fell while gold prices hit new record highs.

The US Dollar’s (USD) steady rise was disrupted after Fed Chair Jerome Powell revealed grand jury subpoenas from the Justice Department, raising fears over potential threats to the Fed’s independence and triggering a sell-off in equities, Treasuries, and the USD.

Instead of extending its decline, Australian Dollar (AUD) is more likely to range-trade between 0.6670 and 0.6710. In the longer run, the current price movements are likely part of a range-trading phase between 0.6655 and 0.6745, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR/JPY trades around 184.40 on Monday at the time of writing, up 0.40% on the day, supported by a combination of macroeconomic factors favorable to the Euro (EUR) and negative for the Japanese Yen (JPY).

Picking a bottom on the Japanese Yen (JPY) remains hard. Speculation that Prime Minister Sanae Takaichi will dissolve the parliament and call snap elections has continued to rise over the weekend, ING's FX analyst Francesco Pesole notes.

Even without a significant increase in downward momentum, Pound Sterling (GBP) may yet test the major support at 1.3370. In the longer run, GBP could decline to 1.3370, potentially reaching 1.3340, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Despite limited euro-zone data and muted European Central Bank (ECB) messaging, EUR/USD could move toward 1.16 and potentially 1.17–1.1750 if concerns over Fed political risk ease, though geopolitical tensions around Greenland continue to cloud the outlook, ING's FX analyst Francesco Pesole notes.

Euro (EUR) must break and close below 1.1615 before a move to 1.1585 can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Gold has rebounded from an interim low near $4,270 and broken above its December high, signalling renewed upside momentum after successfully defending its multi-month rising trend line, Société Générale's FX analysts note.

The latest US Employment Situation report by the Bureau of Labor Statistics (BLS) last Fri (9 Jan) presented two main downside surprises as jobs growth in December missed expectations even though the bar was set low while unemployment rate also dipped below expectations.

USD/JPY continues to consolidate above its 50-day moving average, keeping upward momentum intact as the pair attempts to break out of its trading range formed since November, Société Générale's FX analysts note.

The Eurozone Sentix Investor Confidence Index improves significantly in the first month of 2026 to -1.8 from -6.2 in December.

After a strong end to last week, the Oil market has continued to strengthen in early-morning trading today as protests in Iran escalate, raising concerns about supply. The Iranian government warned both the US and Israel not to intervene amid the ongoing unrest.

The Sterling stands comfortably at long-term highs above 212.10 on Monday, supported by a weaker Japanese Yen following news reporting that Prime Minister Sanae Takaichi might be considering calling snap elections in February.According to a Kyodo News report, Takaichi would have told an official of

Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $84.16 per troy ounce, up 5.43% from the $79.82 it cost on Friday.