The GBP/USD pair fills a major part of its weekly bearish gap opening on Monday and is now looking to extend the momentum further beyond the 1.3600 mark.

The Euro (EUR) is trading moderately higher against the Dollar (USD), yet moving within previous ranges on Monday.

OCBC’s Christopher Wong says British Pound (GBP) has held up despite UK political noise, with local elections pointing to a more fragmented landscape and a medium-term political-risk premium.

Silver price (XAG/USD) gains ground for the fourth consecutive day, trading around $80.40 per troy ounce during the European hours on Monday.

The USD/JPY pair trades 0.25% higher to near 157.00 during the European trading session on Monday. The pair trades firmly as the Japanese Yen (JPY) underperforms across the board amid growing concerns over Japan’s economic outlook due to higher oil prices.

HSBC economists note that “risk-on” G10 currencies, including the Australian Dollar (AUD), have outperformed the US Dollar (USD) this quarter on improved risk sentiment linked to Middle East de-escalation hopes.

The EUR/JPY cross attracts fresh buyers following a bearish gap opening around the 183.80 region on Monday and extends the steady intraday ascent through the first half of the European session.

Rabobank’s Global Strategist Michael Every highlights United States (US) legislative moves on US Dollar (USD) stablecoins via the CLARITY and GENIUS Acts, stressing how reward structures could entrench Dollar-linked digital assets in global finance.

Here is what you need to know on Monday, May 11:

The New Zealand Dollar (NZD) is trading below Friday’s highs against the US Dollar (USD) on Monday. Still, the NZD/USD pair holds within previous ranges, above the late April highs, in the 0.5930 area.

The USD/CHF pair attracts some buyers at the start of a new week and reverses Friday's decline to the 0.7760 area, or its lowest level since March 10. Spot prices, however, struggle to capitalize on the intraday move up and remain below the 0.7800 mark through the early part of the European session.

Silver price (XAG/USD) extends its winning streak for the fourth successive day, trading around $80.70 per troy ounce during the Asian hours on Monday.

MUFG’s Teppei Ino reviews recent USD/JPY price action, noting the pair opened near 156.90 and experienced several sharp intraday swings between the 155 and 158 levels during Japan’s holiday period.

The USD/CAD pair trades on a flat note around 1.3675 during the early European trading hours on Monday. The US April Nonfarm Payrolls (NFP) report exceeded expectations, which could provide some support for the US Dollar (USD) against the Canadian Dollar (CAD). 

The GBP/JPY cross attracts fresh buyers in the vicinity of the 100-day Simple Moving Average (SMA) support and fills a modest weekly bearish gap opening on Monday. Spot prices, however, lack follow-through and currently trade just below mid-213.00s during the early European session.

The Euro (EUR) opened the week on a moderately soft note against the British Pound (GBP). The pair pulls back to the 0.8650 area at the time of writing, from session highs near 0.8660, although it maintains a mild constructive tone intact, after bouncing from 0.8620 lows last week.

The AUD/USD pair recovers a majority of its opening losses and is marginally down to near 0.7240 during the early European trading session on Monday.

The Indian Rupee (INR) starts the week on a negative note against the US Dollar (USD), with the USD/INR pair rising 0.5% to near 95.00.

The GBP/USD pair struggles to capitalize on its modest intraday bounce and remains below the 1.3600 mark through the Asian session on Monday amid the emergence of some US Dollar (USD) buying.

EUR/USD gains ground after opening at a gap-down, still holding daily losses near 1.1750 during the Asian hours on Monday. The pair remains in the negative territory as the US Dollar (USD) remains firm amid growing risk aversion.

EUR/JPY extends its winning streak for the third successive day, trading around 184.80 during the Asian hours on Monday.

The USD/CHF pair holds opening gains around 0.7785 during the Asian trading session on Monday.

Silver price (XAG/USD) rises to near $81.50 during the early Asian trading hours on Monday. The white metal extends the rally amid rising demand from industrial applications. Traders will closely monitor the developments surrounding the US-Iran peace deal for fresh impetus. 

The USD/CAD pair attracts some dip-buying following Friday's late pullback from the vicinity of the 100-day Simple Moving Average (SMA) and climbs back closer to the 1.3700 during the Asian session on Monday.

The NZD/USD pair trades in negative territory near 0.5950 during the early Asian trading hours on Monday. The New Zealand Dollar (NZD) remains weak against the US Dollar (USD) after the release of the Chinese inflation report. The US Existing Home Sales data for April is due later on Monday. 

The USD/JPY pair reverses a modest Asian session dip to the 156.50-156.45 area on Monday as the safe-haven US Dollar (USD) draws support from persistent geopolitical uncertainties.

On Monday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8467 compared to Friday's fix of 6.8502 and 6.7988 Reuters estimate.

AUD/USD gains ground after opening at a bearish gap but still remains in the negative territory, trading around 0.7240 during the Asian hours on Monday. Traders await China’s Consumer Price Index (CPI) data due later in the day.

The GBP/USD pair rebounds nearly 50 pips following a bearish gap opening at the start of a new week and climbs back to the 1.3600 mark during the Asian session. However, a modest US Dollar (USD) strength might cap any further gains for spot prices.

The EUR/USD pair loses momentum to around 1.1765 during the early Asian session on Monday. The Euro (EUR) softens against the US Dollar (USD) amid a cautious mood after US President Donald Trump and Iran rejected each other’s latest peace proposals to end the war in the Middle East.