EUR/USD
EUR/USD found little momentum on Monday, cycling near 1.0860 after US markets were dark for the holiday long weekend. Tuesday will kick off the Fiber’s trading week in earnest after German sentiment surveys hobbled the Euro on Monday.
GBP/USD
GBP/USD consolidates its upside around 1.2770 after reaching two-month highs during the early Tuesday. The USD Index remains under some selling pressure at around 104.60, which provides some support to the major pair.
USD/JPY
The Japanese Yen (JPY) continues to strengthen for the second consecutive day on Tuesday, drawing support from Japan’s Corporate Service Price Index (CSPI). The index posted a year-over-year reading of 2.8% in April, surpassing expectations of 2.3% and marking its fastest rate of increase since March 2015.
AUD/USD
The Australian Dollar (AUD) continues to strengthen against the US Dollar (USD) for the third consecutive session on Tuesday, despite the softer Australia’s Retail Sales (MoM), which rose by 0.1% in April, reversing the previous 0.4% decline. This growth fell short of market expectations of 0.2%.
NZD/USD
The NZD/USD pair extends the rally near 0.6165 on Tuesday during the early Asian session. The pair edges higher to the highest level since March amid the softer US Dollar (USD). Investors await the fresh catalysts, with the US Gross Domestic Product Annualized (GDP) and Core Personal Consumption Expenditures Price Index due later this week. Also, the Reserve Bank of New Zealand’s (RBNX) Governor Orr’s speech will be closely watched on Friday.
USD/CAD
The USD/CAD pair drops further to near the 1.3600 mark in Tuesday’s Asian session. The Loonie asset is under pressure as the US Dollar (USD) weakens even though traders seethe Federal Reserve (Fed) keeping interest rates steady in the September meeting.
USD/CHF
The USD/CHF pair trades stronger near 0.9150 during the early European trading hours on Tuesday. The expectation that the US Federal Reserve (Fed) will start cutting interest rates from the September meeting provides some support to the US Dollar (USD) and lifts the pair. Investors await the Swiss National Bank’s (SNB) Chairman Thomas Jordan’s speech on Tuesday for fresh impetus ahead of Switzerland’s Gross Domestic Product (GDP) for Q1.
CRUDE OIL
Oil prices climbed in Asian trade on Tuesday, extending gains from the previous session, buoyed by expectations of strong fuel demand from the U.S. during the summer, ahead of an output policy decision from OPEC+ at a June 2 meeting.
Gold price edges higher on Tuesday after bouncing off two-week lows of $2,325. The uptick of yellow metal is bolstered by the softer US Dollar and safe-haven flows amid the ongoing geopolitical tensions in the Middle East.
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