EUR/GBP trades around 0.8670 on Monday at the time of writing, virtually unchanged on the day, in a context of relative stability of the Euro (EUR) against the Pound Sterling (GBP).

EUR/USD holds gains near 1.1630 at the time of writing, after bouncing from seven-week lows at 1.1585 earlier on Monday.

The Pound is attempting to return above the 212.00 level after bouncing from lows near 211.00 earlier on the day.

Gold (XAU/USD) starts the week with a strong bullish gap, pushing deeper into uncharted territory as safe-haven demand strengthens.

Statistics Canada will publish December’s inflation figures on Monday. The numbers will give the Bank of Canada (BoC) a fresh read on consumer prices and are highly likely to provide the bank's Monetary Policy Committee with further reasons to stand pat at their January 28 monetary policy meeting.

The Pound Sterling (GBP) trades 0.15% higher to near 1.3400 against the US Dollar (USD) during the European trading session on Monday.

The AUD/USD pair trades 0.25% higher to near 0.6700 during the European trading session on Monday.

The European Stoxx future is down 1.3% and the S&P future is 0.9% lower as market participants respond to the announcement by President Trump of a 10% US import tariff being implemented against Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, MUFG's FX analyst Derek Ha

EUR/JPY trades around 183.50 on Monday at the time of writing, up 0.10% on the day, amid a backdrop of contrasting macroeconomic signals from Europe and Japan.

The USD/JPY pair trades 0.12% lower to near 157.85 during the European trading session on Monday. The pair is under pressure as the US Dollar (USD) underperforms broadly, following the tariff announcement by the United States (US) on several European Union (EU) members and the United Kingdom (UK).

President Trump’s threat to raise tariffs on European countries over Greenland underscores the persistent uncertainty around US trade policy, reigniting concerns of a broader US–EU dispute.

Washington’s threat of tariffs on eight European nations to secure Greenland has heightened transatlantic tensions, with France pushing for the EU’s anti-coercion measures.

China achieved its 5% growth target in 2025, with Q4 growth largely in line with market expectations. Resilient exports and robust production were key supports, while services remained a stabilising factor.

Silver (XAG/USD) is hovering at levels above $93.00, trading at a short distance from the $93.90 all-time highs hit last week, favoured by a strong risk-averse sentiment after US President Trump announced additional tariffs to some of its major European partners.Trump has put investors on their toes

Renewed US tariff threats over Greenland are unwelcome news for European industry, coming just as sentiment was beginning to recover from last year’s volatility.

The Indian Rupee (INR) demonstrates weakness against the US Dollar (USD) at the start of the week. The USD/INR pair jumps to near the all-time high of 91.55 as the Indian currency continues to underperform its peers.

The Chinese economy grew by 5% last year – but this should come as no surprise to anyone. After all, this was the goal of the Chinese Communist Party, and Xi Jinping had already mentioned a few weeks ago that the growth target had been achieved.

November jobs and December CPI data could provide a modest boost to sterling, potentially extending a short squeeze that has been building since late November.

CBT’s latest survey shows market participants holding a 23.2% inflation forecast for end-2026; this compares with 23.4% a month ago.

Eurozone Core Harmonized Index of Consumer Prices (MoM) unchanged at 0.3% in December

Eurozone Harmonized Index of Consumer Prices (YoY) below expectations (2%) in December: Actual (1.9%)

Eurozone Core Harmonized Index of Consumer Prices (YoY) in line with forecasts (2.3%) in December

Eurozone Harmonized Index of Consumer Prices (MoM) meets forecasts (0.2%) in December

UK Prime Minister Keir Starmer said tariffs should not be used against allies and warned that a trade war would be in no one’s interest, as he emphasized partnership, dialogue and respect for international law in comments addressing rising geopolitical and economic tensions, according to Reuters.

The Oil market is under pressure in early-morning trading today, amid a broader risk-off move. President Trump threatened a 10% tariff on several European countries that oppose his Greenland plans.

Gold has broken out of a narrow consolidation above its December peak, signaling a renewed upswing in bullish momentum, Société Générale's FX analysts note.

Japanese Prime Minister Sanae Takaichi announced plans to dissolve Parliament on January 23 and call a snap general election for February 8, according to Reuters.

Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $93.05 per troy ounce, up 4.15% from the $89.34 it cost on Friday.

European Gas prices extended their rally on Friday, with TTF jumping more than 11% to the highest close since June amid low storage levels and colder weather forecasts, ING's commodity experts Ewa Manthey and Warren Patterson note.

The US Dollar extends its reversal from Friday’s highs at 1.3928 against the Canadian Dollar, reaching session lows right below 1.3900 on Monday’s European session.