EUR/USD
EUR/USD is trading with modest gains at around 1.0400 in the European trading hours on Tuesday. The sustained US Dollar weakness and profit-taking ahead of the Eurozone inflation data underpin the pair. US ISM Services PMI and Job Openings data are also awaited.
GBP/USD
GBP/USD keeps its bid tone intact, eyeing 1.2550 in Tuesday’s European morning. The pair’s advance is driven by a broadly subdued US Dollar but the further upisde could be capped by a mixed market mood heading into the US data releases.
USD/JPY
The Japanese Yen (JPY) rebounds against its American counterpart after touching its lowest level in nearly six months earlier this Tuesday amid fears that Japanese authorities might intervene in the market to prop up the domestic currency. Adding to this concerns about US President-elect Donald Trump’s tariff plans, geopolitical risks and the cautious market mood lend some support to the safe-haven JPY.
AUD/USD
The Australian Dollar (AUD) gains ground for the fourth consecutive session against the US Dollar (USD) on Tuesday. The AUD/USD remains stronger despite weaker-than-expected Building Permits for November. US ISM Services Purchasing Managers Index (PMI) is set to be released later in the day. On Wednesday, markets will focus on the Minutes from the Federal Reserve’s (Fed) December policy meeting.
NZD/USD
The NZD/USD pair trades on a stronger note around 0.5640 during the early Asian session on Tuesday. The weakening of the US Dollar (USD) on confusion about President-elect Donald Trump’s tariff plans provides some support to the pair. The US ISM Services Purchasing Managers Index (PMI) for December is due later on Tuesday.
USD/CAD
The USD/CAD pair edges lower to near 1.4310 during the early European session on Tuesday. The Canadian Dollar (CAD) strengthens against the Greenback after a report that Canadian Prime Minister Justin Trudeau would resign.
USD/CHF
USD/CHF steadies after registering losses in the previous session, trading around 0.9100 during the Asian hours on Monday. The pair moves little following the release of Real Retail Sales in Switzerland, which came in at a 0.8% increase year-over-year in November, falling short of the expected 1.2% rise and previous reading of 1.5%. Traders will likely observe the country’s Consumer Price Index (CPI) and Foreign Currency Reserves for December on Tuesday.
CRUDE OIL
Oil prices eased on Tuesday, extending losses into a second consecutive session after last week’s rally, although concerns about tighter Russian and Iranian supply amid widening Western sanctions checked losses.
Gold price attracts some haven flows amid worries about Trump’s tariff plans. The Fed’s hawkish shift and elevated US bond yields could cap the XAU/USD. Traders now keenly await FOMC minutes and US NFP releases later this week.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.