Daily market news

Silver (XAG/USD) trades modestly higher on Monday after falling nearly 8% on Friday in the wake of a stronger-than-expected US Nonfarm Payrolls (NFP) report, which reinforced expectations that the Federal Reserve (Fed) will keep interest rates higher for longer.

Gold (XAU/USD) extends losses on Monday to complete a more than 4% depreciation in the last two trading days.

The US Dollar is rallying for the second consecutive day against the Swiss Franc (CHF) on Monday, reaching levels near 0.8000 for the first time in the last two months.

Silver price (XAG/USD) extends its losses for the second successive day, trading around $67.00 per troy ounce during the European hours on Monday.

The Euro (EUR) has turned lower against the British Pound (GBP) on Monday, although it remains moving within Friday's range. The pair retreated from session highs near 0.8650 and trades at 0.8637 at the time of writing, as downbeat German Factory Orders have set the Euro under renewed pressure.

The USD/CAD pair trades in positive territory around 1.3945 during the early European session on Monday. The US Dollar (USD) strengthens against the Canadian Dollar (CAD), the highest since April 3, amid intensified geopolitical tensions in the Middle East. 

EUR/USD rebounds after registering 0.75% losses in the previous day, trading around 1.1530 during the Asian hours on Monday. The daily chart technical analysis indicates an ongoing bearish bias as the pair is positioned near the lower boundary of the descending channel pattern.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – gains strong positive traction at the start of a new week as renewed hostilities in the Gulf dampen hopes for a deal to end a three-month-old war.

EUR/JPY gains ground after registering over 0.5% in the previous day, trading around 184.90 during the Asian hours on Monday.