EUR/USD
EUR/USD remains steady with a positive bias, hovering around 1.0600 during Tuesday’s Asian trading hours. The upbeat sentiment surrounding the pair is likely driven by a softer US Dollar (USD), as profit-taking follows its recent rally.
GBP/USD
The GBP/USD pair attracts buyers for the second straight day on Tuesday amid a modest US Dollar (USD) downtick and climbs back closer to the 1.2700 mark during the Asian session. Spot prices, however, lack bullish conviction as investors opt to wait for the Bank of England’s (BoE) Monetary Policy Report Hearings before placing aggressive directional bets.
USD/JPY
USD/JPY is testing bids just above 154.00 in the Asian session on Tuesday after facing rejection at 154.70. There are no catalysts seen behind the latest leg down but looming Japanese internetion remains a risk to the pair’s upside. The pair seems to have surrendered to some technical selling.
AUD/USD
AUD/USD gathers upside momentum above 0.6500 in Tuesday’s Asian trading. The pair draws some support from the hawkish RBA Minutes, a softer US Dollar and China’s stimulus hopes. The focus now shifts to mid-tier US data and Fedspeak.
NZD/USD
The NZD/USD pair trades with mild losses around 0.5890 during the early Asian session on Tuesday. The pair edges lower amid the consolidation of the Greenback. Later on Tuesday, investors will keep an eye on the US Building Permits and Housing Starts for October.
USD/CAD
The USD/CAD pair trades in positive territory near 1.4020 on Tuesday during the Asian trading hours. The resurgence of geopolitical tensions in the Middle East and in the Russia-Ukraine front boost the safe-haven currency like the Greenback. Investors will closely watch Canada’s Consumer Price Index (CPI) inflation data, which is due later on Tuesday.
USD/CHF
The USD/CHF pair edges higher to around 0.8835 during the early European session on Tuesday, bolstered by the firmer Greenback. Switzerland’s October Trade Balance will be released later on Tuesday. Also, the Federal Reserve’s (Fed) Jeffrey Schmid is set to speak.
CRUDE OIL
Oil prices edged up on Tuesday, extending the previous day’s rally driven by a halt in production at Norway’s Johan Sverdrup oilfield, though investors remained cautious amid fears of an escalation in the Russia-Ukraine war.
Gold price (XAU/USD) attracted some haven flows after posting its steepest weekly drop in more than three years last week and snapped a six-day losing streak on Monday amid heightened geopolitical tensions.
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