GBP Plunged, Gold and Oil price closed higher

On Monday, GBPUSD continued its plunge and dropped 1.28% to 1.2218 as the new British Prime Minister Johnson said that the UK was still likely to reach a Brexit agreement and issued a hard-line Brexit remark.

The US Dollar Index dropped 0.08% to 97.64 and now approaching multi-year inflection slope ahead of the FOMC interest rate decision and US Non-Farm Payroll this week.

Gold price showed a volatility upward trend. Although the price fell in the short-term at night, with the weakening of the US dollar, it continued to rise in the late session and eventually rose 0.53% to 1426.62.

As the market speculates that the Fed will cut interest rates soon, which will successfully boost the economy and increase oil demand, Crude oil price moved stronger. WTI crude oil price rose 1.50% to 56.91. BRENT price increased 0.79% to 63.88%. If both API and EIA data show a decline in US crude oil inventories in the following days, crude oil prices may rise even more.

The upcoming big data and events: BOJ Press Conference in Japan, CB Consumer Confidence data in US, Manufacturing PMI data in China, CPI q/q and Trimmed Mean CPI q/q data in Australia, and ANZ Business Confidence data in New Zealand.

Daily movement