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Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee took a cautionary stance on the ever-evolving trade stance of the Trump administration on Monday.

In a very positive start to the new trading week, the Greenback edged sharply higher following a fresh bout of optimism on the trade front, all after the auspicious US-China trade talks over the weekend.

The Canadian Dollar (CAD) fell further on Monday, shedding around one-half of one percent against the US Dollar (USD) as investors broadly bid up the Greenback after the Trump administration proudly announced that they would be walking back their own triple-digit tariffs on Chinese imports.

The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, skyrocketed to a one-month high on Monday after China and the United States announced a 90-day pause in their trade war.

The US Dollar (USD) is trading higher against the Canadian Dollar (CAD) at the start of the week, supported by renewed risk appetite following a US–China trade agreement, diverging interest rate expectations, and anticipation of major US economic data. 

United States Monthly Budget Statement came in at $258B, above expectations ($255B) in April

Gold prices tumbled over 3% on Monday, following improvements in risk appetite after weekend discussions between the US and China, which agreed to a 90-day tariff reduction. At the time of writing, the XAU/USD trades at $3,225, having hit a daily high of $3,326.

The Dow Jones Industrial Average (DJIA) soared on Monday, rising over a thousand points and climbing back above the 42,000 handle for the first time since early April.

The EUR/CAD pair traded near the 1.5600 zone on Monday, reflecting a minor loss after the European session as selling pressure persisted. The pair remains within the middle of its daily range, suggesting cautious sentiment as traders assess the broader outlook.

Bank of England's external Monetary Policy Committee member Alan Taylor noted a prevailing sense of precaution and concern among firms, adding that the tariff shock had been larger than anticipated.

The USD/CHF pair is trading higher, supported by a broad rally in the US Dollar following a significant breakthrough in US-China trade relations.

Brent Crude Oil has extended gains at the start of the trading week, buoyed by a temporary easing in geopolitical tensions and improving macroeconomic sentiment.

The EUR/USD pair traded near the 1.1100 zone on Monday, reflecting a sharp drop after the European session as sellers gained control. The pair remains within the middle of its daily range, suggesting that while bearish pressure is dominant, the market lacks a clear breakout signal.

Federal Reserve Governor Adriana Kugler said that if tariffs prove to be long-lasting, she would focus on how global supply chains are rearranged in response, while she acknowledged that the recent reduction in US-China tariffs was clearly an improvement in bilateral trade relations, though tariff l

The Pound Sterling collapsed by over 0.71% or 90 pips on Monday, following developments over the weekend that boosted the US Dollar. News of the US-China de-escalation of the trade war weighed on Sterling, which plummeted from around 1.3298. At the time of writing, the GBP/USD trades at 1.3207.

The NZD/USD pair tumbles to near 0.5870 during North American trading hours on Monday. The Kiwi pair falls sharply as the demand for the US Dollar (USD) has increased after the comments from Washington signaled that the trade war between the United States (US) and China has been averted.

Federal Reserve Governor Adriana Kugler said on Monday that Fed officials were finding it difficult to assess the underlying strength of the economy, citing rapid shifts in trade policy and the resulting impact on households and businesses that had rushed to purchase imported goods earlier in the ye

Developments on trade over the weekend were as close to an about-face as one could have hoped for, TDS' Senior Commodity Strategist Daniel Ghali notes.

President Donald Trump said on Monday that he may speak with Chinese President Xi Jinping later this week, as negotiations between the two economic powers show signs of progress toward a potential trade agreement.

The AUD/USD pair gives back initial gains and turns negative during North American trading hours on Monday.