Daily market news

The NZD/USD pair extended its upside during Monday’s session ahead of the Asian open, climbing near the 0.5900 zone and logging a daily gain of nearly 1%.

The Greenback extended its negative bias, entering its fourth consecutive week of losses amid the generalised improvement in the sentiment around the risk-linked galaxy and somewhat mitigated jitters on the US-China trade war front.

The EUR/USD pair showed mild downside on Monday’s session after the European close, though it continued to hover around the 1.1400 region.

West Texas Intermediate (WTI), futures on NYMEX, rises to near $61.30 during North American trading hours on Monday. The Oil price gains as fears of a global trade war have diminished. Investors expect that the trade war will remain confined between the United States (US) and China.

The AUD/USD pair gives up its intraday gains and turns negative during North American trading hours on Monday.

US Dollar (USD) is likely to trade in a 142.30/144.30 range vs Japanese Yen (JPY). In the longer run, USD could continue to decline, but given the deeply oversold conditions, it remains to be seen if 139.55 is within reach, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR/USD jumps to near 1.1400 in Monday’s European session. The major currency pair aims to reclaim the over-three-year high of 1.1474, which it posted on Friday.

Pound Sterling (GBP) is likely to trade in a range vs US Dollar (USD), probably between 1.3000 and 1.3145. In the longer run, outlook for GBP has shifted to positive; the two technical levels to watch are 1.3210 and 1.3290, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

The USD/CAD pair continues its losing streak for the fourth successive session, trading near 1.3840 during early European hours on Monday. Technical analysis on the daily chart indicates a prevailing bearish bias as the pair moves downward within the descending channel pattern.

Here is what you need to know on Monday, April 14: