GBPUSD bulls keep the reins ahead of a speech from BoE’s Bailey

Global markets are experiencing a diverse trading pattern at the start of the week, with major central bankers advocating for prolonged periods of higher interest rates. This development coincides with uncertain geopolitical news and a relatively uneventful economic calendar. Despite these factors, the US Dollar is struggling to gain traction, in tandem with declining US Treasury bond yields.

The same, however, appears unable to lift the Gold price. That said, Crude oil extends the previous weeks recovery from a 3.5-month low whereas the Asia-Pacific shares edged lower. Further, US stock futures print mild losses despite a slightly positive weekly close of the Wall Street benchmarks.

Elsewhere, the softer US Dollar allows major currency pairs and Antipodeans to extend the latest recovery moves. Among them, NZDUSD, AUDUSD and USDJPY marked major moves against the Greenback whereas the USDCAD and the EURUSD struggle for clear directions. It should be noted that the GBPUSD defends the previous weekly gains but sounds cautious ahead of Bank of England (BoE) Governor Andrew Baileys speech.

Cryptocurrencies, however, witness a lack of momentum after refreshing multi-month tops the last week.

Following are the latest moves of the key assets:

• Brent oil prints three-day recovery near $81.70 at the latest.

• Gold price remains dicey around $1,980 as we write.

• USD Index remains pressured at the lowest level in 11 weeks, close to 103.70 by the press time.

• Wall Street closed with mild gains but the Asia-Pacific stocks edged lower. That said, equities in Europe and the UK begin the day with minor losses.

• BTCUSD and ETHUSD both print mild losses to around $37,200 and $2,010 at the latest, paring the previous weeks gains.