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Against the yen, the USD hit a day-high of as much as 2.5% on Monday, reaching its highest level since August 2015, and being the largest 1-day soar since March 2020.
The Turkish lira fell to a new all-time low, as investors sold off the currency after President Erodgan threatened expulsion against the ambassadors of 10 countries, including the U.S. and Germany, for demanding he releases political prisoners.
Today, the minutes from the FOMC’s July meeting will be released. If the minutes confirm a change in course for the Federal Reserve, Forex pairs and the price of Gold might be affected.