The dollar edged upwards to a new high for 2019 in early trading in Europe Monday, as the slowdown in the euro zone showed signs of raising more political instability. The euro had fallen to $1.1313 against the dollar, as fears for the economy drive yields on safe assets to unattractively low levels. The British pound has also opened weaker after another weekend passed without clear progress in avoiding a hard, ‘no-deal’ Brexit, while the Yen retreated against the stronger dollar and surpassed the 110.00 level.

The EUR calendar kicks-off the week this Monday on an eventful note, with a flurry of significant macro releases due on the cards at 09:30 GMT from the UK docket. The focus is likely to be on the fourth quarter UK GDP release and the manufacturing production figures that will be parallelly released with the trade and monthly GDP figures. However, there is nothing of note from the Euroland.

In the NA session, there is a lack of macro news from the US calendar, as the risk trends will continue to drive the market sentiment in the day ahead.

Oil prices traded lower on Monday in Asia after a report showing that drilling activity in the U.S. rose last week and as concerns over global trade continued to weigh. Oil futures settled slightly higher on Friday but ended the week down around 5% as worries over a global economic slowdown dominated sentiment after the European Commission cut its euro zone growth forecast last week.

Gold prices slipped on Monday in Asia as the U.S. dollar edged up, with the precious metal failing to remain above $1,310 currently trading at $1,308.30, despite concerns over global growth and the U.S.-China trade war. High-level officials from the U.S. and China will gather in Beijing for another round of negotiations starting later today after the last meeting between the two sides ended with no deal.