EUR/USD
EUR/USD fumbled on Monday, kicking off a new trading week with a downside push as price action waffled back into familiar 12-week lows just above the 1.0800 handle. Markets remain apprehensive on the future pace of rate cuts, specifically from the Federal Reserve (Fed), and Purchasing Managers Index (PMI) activity figures due later in the week will give investors a glimpse at the shape of the global economy in the coming weeks.
GBP/USD
GBP/USD twisted into the low side on Monday, kicking off the new trading week with a fresh test south of the 1.3000 handle as Cable traders balk ahead of a hectic week that sees a slew of appearances from central bank figures, as well as an update on global Purchasing Managers Index (PMI) figures.
USD/JPY
USD/JPY has found fresh buyers, retaking 151.00 early Tuesday. The pair shrugs off Japanese intervention fears and a tepid risk tone. Meanwhile, the US Dollar sees a profit-taking decline amid a quiet Asian affair.
AUD/USD
AUD/USD rebounds toward 0.6700, moving away from a six-week low in the late Asian session on Tuesday amid a broad US Dollar pullback. Monday’s upswing in the US Treasury bond yields, bolstered by expectations for a less aggressive Fed policy easing, lifted the Greenback.
NZD/USD
NZD/USD recovers some of its recent losses, trading around 0.6040 during Tuesday’s Asian session. However, the New Zealand Dollar (NZD) faces pressure as the likelihood of further rate cuts in November by the Reserve Bank of New Zealand (RBNZ) grows, with inflation easing and economic output remaining sluggish.
USD/CAD
The USD/CAD pair oscillates in a narrow band around the 1.3830 region during the Asian session on Tuesday and remains well within the striking distance of its highest level since August 6 touched the previous day. Meanwhile, the fundamental backdrop seems tilted in favor of bullish traders and suggests that the path of least resistance for spot prices remains to the upside.
USD/CHF
The USD/CHF pair drops to near 0.8630 from the two-month high of 0.8370 in Tuesday’s Asian session. The Swiss Franc pair corrects even though the US Dollar (USD) rebounds after a mild sell-off on Friday, suggesting sheer strength in the Swiss currency.
CRUDE OIL
Oil prices eased on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world’s top oil importer, continued to weigh on the market.
Gold price is picking up fresh bids to revert toward a new record high of $2,741 early Tuesday. The US Dollar buyers catch their breath, assessing the ‘Trump trade’ while gearing up for the US earnings season.
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