Later today, all eyes will be turned on the US inflation figures for the month of January.
The Federal Reserve is actively monitoring inflation levels to decide its future monetary policy.
A higher reading can lead to a tighter policy, while a low reading is likely to push the central bank to adjust its inflation expectations and ease the ongoing series of rate hikes.
The US CPI is expected to increase from 0.1% to 0.5%, while in the UK, the employment change is due to rise from 27K to 40K. In the meantime, the Eurozone GDP is likely to remain unchanged at 0.1%.
US stock indexes started the week on a positive note as investors await the US inflation report.
The US dollar traded lower in the currency market while gold prices stabilized after testing key support at $1850 per ounce.
Looking now at the latest price action developments in the major currency pairs alongside gold.