EUR/USD
EUR/USD is on the defensive below 1.0900 in the early European session on Tuesday. The renewed US Dollar demand weighs on the pair, as risk sentiment remains in a tepid spot ahead of Germany’s ZEW survey and the key US Retail Sales data.
GBP/USD
GBP/USD is trading close to 1.2950 in European trading on Tuesday, reversing from the 2024 high of 1.2995 recorded in the previous session. The pair is pressured by a broad US Dollar uptick, as markets turn cautious ahead of the US Retail Sales data and Fedspeak.
USD/JPY
The Japanese Yen (JPY) extends its losses on Tuesday with traders remaining on alert after the currency surged about 2% last week on a suspected intervention by Japanese authorities. According to data released by the Bank of Japan (BoJ) on Friday, it’s estimated that Japanese authorities may have spent between ¥3.37 trillion to ¥3.57 trillion on Thursday to stem the rapid depreciation of the JPY, as reported by Reuters.
AUD/USD
The Australian Dollar (AUD) continues to decline for the second consecutive session on Tuesday. The AUD/USD pair lost ground due to a modest rebound in the US Dollar (USD), which could be attributed to increased risk aversion following the attempted assassination of former US President Donald Trump on Saturday. Investors will likely observe the US Retail Sales data for June, which are set to be released later today, for further insights.
NZD/USD
The NZD/USD pair remains on the defensive near 0.6075 during the early Asian session on Tuesday. The weaker Chinese economic data and modest rebound of the US Dollar (USD) continue to undermine the pair. The US Retail Sales for June will be in the spotlight on Tuesday. The attention will shift to the New Zealand Consumer Price Index (CPI) inflation data, which is due on Wednesday.
USD/CAD
The USD/CAD pair consolidates its gains around 1.3680 during the early Asian session on Tuesday. The Greenback recovers some lost ground as traders await the Canadian Consumer Price Index (CPI) inflation data and US Retail Sales on Tuesday for fresh impetus. Also, Federal Reserve’s (Fed) Adriana Kugler is set to speak.
USD/CHF
The USD/CHF pair edges higher to 0.8955, snapping the two-day losing streak during the early European session on Tuesday. The firmer US Dollar (USD) provides some support to the pair. Later in the day, market players will watch the Swiss Producer and Import Prices for June, the NY Empire State Manufacturing Index for July, and the Fed’s Mary Daly speech.
CRUDE OIL
Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines.
Gold price is looking to extend previous gains early Tuesday, having clinched a new two-month high at $2,440 a day ago. Growing expectations that a US Federal Reserve interest-rate cut in September is a done deal continue to underpin the non-interest-bearing Gold price.
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