To kick off the new quarter, we saw a surge in Oil prices after large producers within the OPEC+ group agreed to cut oil production by more than one million barrels per day starting next month. WTI rallied by more than 6% to settle above $80 per barrel on Monday.
In the FX market, the US Dollar bounced strongly before retreating by the end of the day. On the other side, both the Dow and the S&P500 were up 0.98% and 0.37% respectively while the Nasdaq lost 0.27%.
During the Asian trading session, the Reserve Bank of Australia kept the main interest rates unchanged at 3.60% matching expectations. Later today, there will be a few economic releases to follow as the focus remains on the upcoming US Non-Farm Payrolls scheduled for the end of the week.
Meanwhile, factory orders are expected to rise from -1.6% to -0.5%.
Below, we will be analyzing the latest price action developments in the major currency pairs alongside gold.