Canadian home sales were broadly unchanged in November, with weakness across most provinces offset by gains in the West.

GBP/USD advances during the North American session up 0.28% amid a scarce economic docket but following the Federal Reserve’s last week’s monetary policy decision, in which the central bank hinted a possible pause loom.

Colombia Retail Sales (YoY) below forecasts (12%) in October: Actual (10%)

United States NAHB Housing Market Index above forecasts (38) in December: Actual (39)

Federal Reserve (Fed) Governor Stephen Miran stated that tariffs aren't driving higher inflation in goods and argued that the measure of underlying inflation is near 2% on Monday at Columbia University's Institute of Global Politics, in New York.

Gold (XAU/USD) kicks off the week on a firm footing, extending its advance for a fifth consecutive day as uncertainty over the Federal Reserve’s (Fed) monetary policy outlook keeps traders defensive.

The Canadian Dollar (CAD) trims part of its earlier gains against the US Dollar (USD) on Monday as traders digest the latest inflation data from Canada.

The Japanese Yen (JPY) strengthened 0.5% against the US Dollar (USD), pushing USD/JPY down to the key 155 level, as investors digested the Q4 Tankan business survey. Technical indicators are turning bearish, with the RSI dipping below 50.

The New Zealand Dollar (NZD) underperformed across G10 currencies after Reserve Bank of New Zealand (RBNZ) Governor Anna Breman dampened market expectations for rate hikes in 2026, BBH FX analysts report.

The Pound Sterling (GBP) gained slightly against the US Dollar (USD) as markets prepare for a heavy UK data calendar ahead of Thursday’s Bank of England meeting.

USD/CNH fell below 7.0500, marking its lowest level since October 2024, amid weak November real sector data from China. Slower retail sales, subdued industrial production, and a sharper-than-expected drop in fixed asset investment highlight ongoing economic softness.

The Euro (EUR) is steady, trading in a tight range in the mid 1.17s and entering Monday’s NA session with a fractional gain vs. the US Dollar (USD).

USD/CAD is trading near recent lows around 1.3765 following the Bank of Canada’s (BOC) decision to hold its policy rate at 2.25%.

The Canadian Dollar (CAD) remains near Friday’s closing level versus the US Dollar (USD), trading just below its estimated fair value of 1.3798.

USD/JPY trades near 155.00 following a strong Q4 Tankan survey, with Japan’s all-industries business conditions index rising to 17, the highest since Q3 2018, BBH FX analysts report.

The US Dollar (USD) is tracking a little lower on the session in broad, Dollar Index (DXY) terms but losses remain relatively contained and the index is holding a little above last week’s low. The CNY continues to strengthen, meanwhile, giving much of the Asian FX complex a lift.

Annual inflation in Canada, as measured by the change in the Consumer Price Index (CPI), remained unchanged at 2.2% in November, Statistics Canada reported on Monday. This reading came in below the market expectation of 2.4%.

The Euro (EUR) trades on the back foot against the Japanese Yen (JPY) on Monday, as the Yen strengthens broadly amid near-certain expectations that the Bank of Japan (BoJ) will raise interest rates at its Friday policy meeting.

Canada BoC Consumer Price Index Core (MoM) declined to -0.1% in November from previous 0.6%

Canada Consumer Price Index - Core (MoM) dipped from previous 0.3% to 0.2% in November

Canada Consumer Price Index (MoM): 0.1% (November) vs previous 0.2%

Canada BoC Consumer Price Index Core (YoY) unchanged at 2.9% in November

Canada Consumer Price Index (YoY) below expectations (2.4%) in November: Actual (2.2%)

United States NY Empire State Manufacturing Index came in at -3.9, below expectations (10.6) in December

Canada Housing Starts s.a (YoY) came in at 254.1K, above forecasts (248K) in November

EUR/USD is rallying ahead of Monday's US session opening, trading above 1.1750 at the time of writing, with last week's high, at 1.1762, at a short distance.

The US Dollar (USD) is trading defensively across major currencies, with potential to drift toward the lower end of its June–December range.

EUR/USD remains firm as markets brace for a packed week of events, including the European Central Bank (ECB) meeting, EU Council decisions on Ukraine reparations and Mercosur, and key eurozone data releases.

USD/CNH remains pressured near recent lows, weighed by broad USD softness and a low USD/CNY fix. While daily momentum is mildly bearish and RSI approaches oversold levels, a break below 7.0380 could trigger further downside, whereas resistance sits at 7.08.

The Pound Sterling (GBP) starts the Bank of England’s (BoE) monetary policy week on a cautious note against its major peers.