Despite limited euro-zone data and muted European Central Bank (ECB) messaging, EUR/USD could move toward 1.16 and potentially 1.17–1.1750 if concerns over Fed political risk ease, though geopolitical tensions around Greenland continue to cloud the outlook, ING's FX analyst Francesco Pesole notes.

The latest US Employment Situation report by the Bureau of Labor Statistics (BLS) last Fri (9 Jan) presented two main downside surprises as jobs growth in December missed expectations even though the bar was set low while unemployment rate also dipped below expectations.

EUR/CAD extends its gains for the second successive session, trading around 1.6210 during the European hours on Monday. The currency cross advances as the Euro (EUR) gains support from signs that the European Central Bank (ECB) is nearing the end of its rate-cutting cycle.

Federal Reserve (Fed) Chair Jerome Powell said in a statement that  the US Justice Department has threatened criminal charges against him in connection with his Senate testimony last June, during which he discussed the estimated $2.5 billion renovation.

Federal prosecutors have opened a criminal investigation into Federal Reserve (Fed) Chair Jerome Powell regarding the central bank's renovation of its Washington headquarters and whether Powell lied to Congress about the project's scope, the New York Times reported on Sunday. 

Australia ANZ Job Advertisements increased to -0.5% in December from previous -0.8%

A group of European nations, headed by the United Kingdom (UK) and Germany, is discussing plans to increase its military presence in Greenland to show US President Donald Trump that the continent is serious about Arctic security, Bloomberg reported on Sunday.

Japan’s Prime Minister Sanae Takaichi may call an early general election, the head of her party's coalition partner said on Sunday, after Reuters reported that snap election could be held as early as February.

United States CFTC Gold NC Net Positions declined to $227.6K from previous $2312K

Australia CFTC AUD NC Net Positions climbed from previous $-212K to $-19K

United Kingdom CFTC GBP NC Net Positions: £-30.5K vs £-332K

United States CFTC Oil NC Net Positions: 57.4K vs previous 646K

United States CFTC S&P 500 NC Net Positions rose from previous $-944K to $-106.1K

Eurozone CFTC EUR NC Net Positions down to €162.8K from previous €1575K

Japan CFTC JPY NC Net Positions: ¥8.8K vs previous ¥141K

Japan CFTC JPY NC Net Positions down to ¥88K from previous ¥141K

Richmond Fed President Tom Barkin said the decline in the unemployment rate was welcome and described job growth as modest but stable.

Rather than signaling a setback, December's modest employment gain and rising unemployment rate reinforce our view that Canada's labor market recovery is underway but will likely prove choppy, with slack absorbed only gradually over time, Royal Bank of Canada Senior Economist Claire Fan reports.

Consumer confidence in the US improved slightly to start the year, with the University of Michigan's Consumer Sentiment Index rising to 54 in January's preliminary reading, from 52.9 in December. This print came in slightly better than the market expectation of 53.5.

United States UoM 1-year Consumer Inflation Expectations unchanged at 4.2% in January

United States Michigan Consumer Expectations Index climbed from previous 54.6 to 55 in January

United States UoM 5-year Consumer Inflation Expectation: 3.4% (January) vs 3.2%

United States Michigan Consumer Sentiment Index registered at 54 above expectations (53.5) in January

Gold and Silver prices fell sharply yesterday, with Gold dipping near $4,400 per ounce and Silver briefly below $74, before recovering somewhat, highlighting heightened short-term market uncertainty, Commerzbank's commodity analyst Carsten Fritsch notes.

United States Building Permits Change increased to 6.4% in September from previous -3.7%

United States Housing Starts (MoM): 1.306M (September) vs previous 1.307M

United States Building Permits (MoM): 1.415M (September) vs 1.312M

Canada Net Change in Employment came in at 8.2K, above forecasts (-5K) in December

United States Housing Starts (MoM) dipped from previous 1.307M to 1.246M in September

United States Average Hourly Earnings (YoY) came in at 3.8%, above forecasts (3.6%) in December