EUR/USD
EUR/USD consolidates in a range above 1.0800 in European trading on Tuesday. The US Dollar clings to recovery gains amid a cautious market mood, acting as a headwind to the pair. Meanwhile, the Euro awaits top-tier German and Eurozone data for fresh trading impetus.
GBP/USD
GBP/USD trades with mild losses near 1.2850 in the European session on Tuesday. A softer risk tone benefits the safe-haven US Dollar and exerts pressure on the pair. Traders now look to the key US jobs data before placing fresh bets.
USD/JPY
The Japanese Yen (JPY) extends its losses against the US Dollar (USD) for the second successive day on Tuesday. Traders remain cautious ahead of the Bank of Japan’s (BoJ) policy meeting on Wednesday, which could potentially result in a rate hike. Markets are speculating that the BoJ may increase rates by ten basis points to 0.1% and is widely expected to announce its bond purchase tapering plans.
AUD/USD
The Australian Dollar (AUD) edges higher against the US Dollar (USD) following the release of Building Permits data on Tuesday. Australia’s Consumer Price Index (CPI) data will be released on Wednesday, offering potential insights into the future direction of the Reserve Bank of Australia’s (RBA) monetary policy. Analysts anticipate a slight re-acceleration in Australia’s headline inflation for the second quarter, with the core rate likely remaining steady.
NZD/USD
The NZD/USD pair recovers some lost ground around 0.5880 during the Asian trading hours on Tuesday. However, the upside of the pair might be limited as traders prefer to wait on the sidelines ahead of the Federal Reserve (Fed) monetary policy meeting on Wednesday.
USD/CAD
The USD/CAD pair turns lower following an Asian session uptick to the 1.3865 region on Tuesday and for now, seems to have snapped a nine-day winning streak to its highest level since November 2023. The intraday downtick drags spot prices back below mid-1.3800s in the last hour, though any meaningful corrective decline still seems elusive.
USD/CHF
The USD/CHF pair climbs to near 0.8850 in Tuesday’s New York session. The Swiss Franc asset gains as the US Dollar (USD) rises amid uncertainty ahead of the Federal Reserve’s (Fed) interest rate decision, which will be announced on Wednesday.
CRUDE OIL
Oil prices slipped as worries about the demand outlook weighed broadly on commodities, while Asian equities and European stock futures eased in an otherwise quiet session ahead of key central bank decisions in the U.S., Japan and Britain.
Gold price is treading water below $2,400 early Tuesday, as Gold traders turn to the sidelines ahead of a bunch of upcoming high-high macro news from the US and Europe.
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