EUR/USD
EUR/USD is trading near 1.0900, having eased from three-month highs in the European session on Tuesday. The US Dollar is attempting a recovery from weak ISM PMI-inflicted wounds, aided by a cautious mood. The focus now shifts to the US jobs data.
GBP/USD
GBP/USD is battling 1.2800, struggling to capitalize on the move to a nearly three-month high early Tuesday. The pair feels the pull of gravity due to a negative shift in risk sentiment, which revives the US Dollar’s safe-haven demand ahead of the US JOLTS Job Opening data.
USD/JPY
The Japanese Yen (JPY) edges lower against the US Dollar (USD) on Tuesday as depreciation in global bond yields reduced safe-haven demand for the JPY. Additionally, the interest rate differential between the US and Japan continued to pressure the Yen, underpinning the USD/JPY pair.
AUD/USD
The Australian Dollar (AUD) halted its three-day winning streak on Tuesday, likely due to Australia’s unexpected current account deficit of A$ 4.9 billion (USD 3.2 billion) in the first quarter. This shift from a downwardly revised surplus of A$ 2.7 billion in the previous quarter missed market expectations of an A$ 5.9 billion surplus.
NZD/USD
The NZD/USD pair consolidates its gains near 0.6190 on Tuesday during the early Asian session. The worse-than-expected US ISM Manufacturing PMI data has dragged the Greenback lower and supported the pair. Investors await the US ISM Services PMI, which is due on Wednesday. On Friday, US employment data, including Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings will be in the spotlight.
USD/CAD
The USD/CAD pair remains on the defensive around 1.3620 during the early Asian session on Tuesday. Investors will shift their focus to the US Services PMI on Wednesday ahead of the highly-anticipated Nonfarm Payrolls (NFP).
USD/CHF
The USD/CHF pair extends its losing streak for the fourth trading session on Tuesday. The Swiss Franc asset weakens even though the US Dollar has rebounded amid uncertainty ahead of the United States data-packed week.
CRUDE OIL
Oil prices settled sharply lower Monday, as OPEC and its allies’ decision to extend output cuts into 2025, but also phase out the cuts later beginning later this year stoked worries about a supply surplus.
Gold price is facing a modest selling pressure near $2,355 in Asian trading on Tuesday, pausing its solid rebound staged a day ago. Gold price eagerly awaits the US employment data trickling in this week, starting with the JOLTS Job Openings later on Tuesday, for a fresh directional impetus.
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