The Pound Sterling holds firm against the US Dollar at around 1.3640, with traders eyeing speeches by US Treasury Secretary Scott Bessent on Iran’s sanctions and by Fed Chair Kevin Warsh at the Kansas City Fed Jackson Hole Symposium. The GBP/USD trades near its opening price, barely unchanged.

NZD/USD retreats to around 0.5960 on Monday at the time of writing, down 0.25% on the day, after approaching the 0.6000 level on Friday.

AUD/USD is pulling back to the 0.7150 region, consolidating just below its recent multi-month highs. Traders are largely focused on the Reserve Bank of Australia (RBA) Minutes due later in the Asian session.

USD/JPY edges higher on Monday as the US Dollar (USD) finds some stability following last week’s sharp volatility, with geopolitical developments back in focus as the United States prepares to widen secondary sanctions against Iran.

Scotiabank strategists Shaun Osborne and Eric Theoret note that the Canadian Dollar (CAD) is the main G10 underperformer after US/Canada trade talks collapsed. Ottawa’s pledge to respond to tariffs and provide domestic aid raises uncertainty for Canadian businesses.

USD/CAD extends its advance on Monday, trading around 1.3830 at the time of writing, up 0.52% on the day.

Scotiabank strategists Shaun Osborne and Eric Theoret highlight that the Euro (EUR) is softer against the Dollar (USD) after an almost 3% rally from late July, with price action turning defensive.

EUR/USD trades flat on Monday as the US Dollar (USD) steadies and markets settle into a calmer tone following the sharp volatility triggered by the US Treasury’s surprise buyback announcement last week. At the time of writing, the pair trades around 1.1670, hovering near levels last seen in mid-May.

MUFG's Derek Halpenny argues the Canadian Dollar’s (CAD) reaction to the new US tariffs on USD 20bn of Canadian exports will hinge on escalation risks rather than the initial measures.

Brown Brothers Harriman’s (BBH) Elias Haddad expects Australia’s July Consumer Price Index (CPI) to ease, with headline and trimmed mean inflation drifting lower, in line with softer labor conditions and wage growth.

Silver (XAG/USD) is little changed on Monday, fluctuating between modest gains and losses near its highest level since mid-June, with buyers struggling to clear the $70 psychological mark.

The Japanese Yen (JPY) extends losses against the US Dollar (USD) in a calm trading session on Monday.

ING’s Chris Turner highlights futures data showing asset managers and leveraged funds adding Euro exposure, leaving speculators underweight. He notes recovering German IFO and Eurozone PMIs, and sees limited need for EUR/USD to drop sharply below 1.1660/70 unless risk assets suffer.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that New Zealand retail sales volumes unexpectedly fell in Q2, driven by fuel and motor-related categories, while core sales still rose, showing resilient domestic demand.

The Australian Dollar (AUD) ticks lower against the US Dollar (USD) on Monday, but maintains its broader bullish tone, with the AUD/USD pair trading at 0.7164, a few pips shy of the 12-week high of 0.7180 hit last Friday.

The New Zealand Dollar ticks down against the US Dollar on Monday, weighed by an unexpected decline in New Zealand’s Retail Sales in the second quarter of the year.

EUR/JPY trades around 185.70 on Monday at the time of writing, virtually unchanged on the day.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight AUD/USD’s sharp rally to 0.7180 and close near 0.7170, noting the move looks stretched but still lacks signs of a pause.

OCBC’s Sim Moh Siong and Christopher Wong warn that renewed US-Canada trade tensions could undermine the Canadian Dollar’s (CAD) recent recovery.

The Euro (EUR) nurses minor losses against the US Dollar (USD) on Monday but holds most of the gains taken last week.

The USD/JPY pair rallies over 75 pips following an intraday slide to mid-158.00s and climbs to a fresh daily high during the first half of the European session on Monday.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann describe USD/JPY price action as lacking fresh clues after swings between 158.33 and 159.13, leaving intraday trade likely confined to 158.55–159.30.

The Euro (EUR) extends losses as the British Pound (GBP) seems to be coping better with the moderate risk-off mood amid growing tensions between the US and Iran, as Washington pledged an “economic D-Day” on the Islamic Republic.

ING’s Chris Turner notes the Central Bank of the Republic of Türkiye (CBRT) has restarted one-week repo operations, shifting funding back to the 37% policy rate from the 40% overnight lending rate after a prior effective 300bp hike.

The GBP/JPY cross attracts some dip-buyers near the 216.20 area and touches a fresh monthly high during the early part of the European session on Monday. Spot prices currently trade just above the 217.00 mark and seem poised to appreciate further amid a broadly weaker Japanese Yen (JPY).

Silver price (XAG/USD) remains stronger for the fourth successive day, trading around $69.00 per troy ounce during the European hours on Monday. Silver price rises as concerns over United States (US) debt management and fiscal sustainability persist.

Here is what you need to know on Monday, August 24:

The British Pound (GBP) holds mild gains for the fourth consecutive day against the US Dollar (USD) on a calm Monday session, as ongoing concerns about the US Treasury’s bond buyback plans keep US Dollar bulls subdued.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note GBP/USD remains in a short-term consolidation, with price action confined between 1.3620 and 1.3665 after an overbought push to 1.3675.

Commerzbank’s Michael Pfister says the latest breakdown in US–Canada trade talks and Ottawa’s planned retaliatory tariffs point to a potentially protracted trade conflict.