Gold has surpassed $5,000/oz, reaching nearly $5,100/oz, confirming the forecast of $5,000/oz by year-end. Societe Generale now anticipates Gold could reach $6,000/oz by year-end, potentially a conservative estimate.

HSBC Asset Management highlights a remarkable rise in the price of Silver, which has increased by over 200% year-on-year. This surge has altered the gold/silver ratio significantly, prompting questions about whether it is time to sell Silver as market dynamics shift.

EUR/USD is posting moderate losses on Monday, trading at 1.1860 at the time of writing, not far from the four-month highs at 1.1875 hit earlier on the day.

Canada's Prime Minister Mark Carney has stated that Ottawa has no intention of pursuing a free trade agreement with China. This comes amid President Trump's threats of punitive tariffs. The Canadian government aims to focus on resolving specific trade frictions instead.

Gold’s (XAU/USD) keeps marching higher on Monday, boosted by a mix of geopolitical tensions, US President Trump’s new tariff salvo, and a weaker US Dollar amid fears of an immediate Yen intervention.

EUR/GBP trades around 0.8680 on Monday at the time of writing, up 0.10% on the day. The pair draws modest support from the Euro (EUR), even though the latest macroeconomic data from Germany have failed to generate any meaningful momentum in the foreign exchange market.

The JPY has strengthened sharply, driven by speculation over imminent intervention risks, as detailed in the report by MUFG's Lee Hardman and Abdul-Ahad Lockhart. The USD/JPY pair has seen significant movement, with a decline from 159.23 to 153.40.

Gold (XAU/USD) extends its historic rally on Monday, breaking decisively above the $5,000 psychological mark as geopolitical risks and mounting economic uncertainty push investors toward safe-haven assets.

The USD faced significant challenges, suffering its worst weekly decline since May 2025, primarily due to political tensions and market interventions. The DXY Index fell to its lowest close since September, with expectations for the Fed to pause rate cuts at the upcoming FOMC meeting.

The Pound Sterling (GBP) trades lower against its major currency peers, outperforming North American peers on Monday.

The AUD/JPY pair holds onto early losses near 106.00 during the European trading session on Monday.

Mexico Jobless Rate s.a fell from previous 2.7% to 2.6% in December

Mexico Jobless Rate declined to 2.4% in December from previous 2.7%

HSBC reports that the Australian Dollar (AUD) is being supported by domestic factors, including expectations of rate hikes from the Reserve Bank of Australia (RBA) in 2026. The RBA is anticipated to begin tightening on February 3, with markets pricing in a significant chance of this move.

The US Dollar is trading lower against its Canadian counterpart, on track for a sixth straight day of selling.

The Japanese Yen has benefitted significantly from discussions of coordinated intervention with the US, leading to a stronger performance against the Dollar. Societe Generale's report indicates that USD/JPY has seen a notable decline, and the market is closely watching for further developments.

US natural gas prices are experiencing a significant rally, with Henry Hub breaking above $6/MMBtu, the highest level since late 2022. This surge is driven by a winter storm affecting nearly half of the US states, which is expected to increase heating demand.

The report from Brown Brothers Harriman (BBH) indicates that the Riksbank is expected to keep its policy rate unchanged at 1.75% for a third consecutive meeting. The report suggests that the Riksbank's guidance indicates the policy rate will remain at this level for some time.

USD/CHF trades around 0.7760 on Monday at the time of writing, down 0.70% on the day and marking its lowest level since September 2011.

The Yen has reversed previous losses and is the best-performing G8 currency on Monday. Growing speculation of a joint US-Japan intervention to address JPY weakness has sent the USD/JPY pair nearly 3.5% lower from Friday’s highs, hitting fresh 11-week lows in the mid-153.00s.

Deutsche Bank's Early Morning Reid Macro Strategy report highlights a significant rise in Gold prices, which have surged by +8.52%, nearing the $5,000 level. The report notes that geopolitical concerns have contributed to this upward momentum.

The Pound has shown strength, with GBP/USD rising to 1.3683, approaching last year's high. This upward momentum follows stronger than expected UK PMI surveys, indicating improved business confidence.

The AUD/USD pair grips early gains and trades 0.35% higher to near 0.6935 during the European trading session on Monday. The Aussie pair demonstrates strength as the US Dollar (USD) is under extreme pressure at the start of the week.

Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $109.94 per troy ounce, up 7.28% from the $102.48 it cost on Friday.

The EUR/JPY depreciated for the second consecutive day on Monday, with the JPY boosted amid investor concerns about an imminent Yen intervention. The pair is trading at 182.25 at the time of writing, after hitting a five-week low of 181.91 earlier in the day.

The USD/CHF has broken below 0.7800, raising concerns in Zurich as the trade-weighted Swiss Franc approaches new all-time highs. Analysts suggest that if this trend continues, the Swiss National Bank may need to consider negative rates again. Resistance is noted at 0.7800/7810 for USD/CHF.

The NZD/USD pair prolongs its uptrend for the seventh consecutive day and advances to a fresh high since September 2025 on Monday amid a broadly weaker US Dollar (USD).

The German IFO Institute's Business Climate Index remains steady at 87.6 in January, below estimates of 88.1.

Germany IFO – Expectations down to 89.5 in January from previous 89.7

Germany IFO – Current Assessment increased to 85.7 in January from previous 85.6