EUR/USD
The EUR/USD pair gains ground for the third successive session, trading around 1.0860 during the Asian hours on Tuesday. A technical examination of the daily chart indicates a bearish breakout as the pair breaks below an ascending channel pattern, suggesting a shift in momentum from buyers to sellers.
GBP/USD
The GBP/USD pair recovers recent losses from the previous session, trading around 1.2890 during Asian hours on Tuesday. The pair edges higher as the US Dollar (USD) struggles amid concerns that tariff policy uncertainty could push the US economy into recession.
USD/JPY
USD/JPY is off a five-month low, bouncing back to near 147.00 after the downward revision to the Japanese Q4 GDP print. However, the risk-off mood continues to underpin the safe-haven Japanese Yen, keeping the bearish pressure intact on the pair amid weaker US Dollar.
AUD/USD
AUD/USD stays defensive below 0.6300 in Asian trading on Tuesday. Persistent risk-off mood amid geopolitcal and global trade war fears act as a headwind for the Aussie, offsetting broad US Dollar weakness-led by US economic growth concerns and dovish Fed expectations. US-Ukraine Summitt eyed.
NZD/USD
NZD/USD extends its losing streak for the third successive day, trading around 0.5690 during the Asian hours on Tuesday. The pair continues to lose ground as the New Zealand Dollar (NZD) faces headwinds due to deflationary pressures deepened in China, highlighted by the steepest fall in consumer prices in 13 months in February and the 29th straight month of drop in factory-gate prices. Given China’s status as New Zealand’s largest trading partner, these developments have weighed on market sentiment.
USD/CAD
The USD/CAD pair trades with mild losses around 1.4435, snapping the two-day winning streak during the late American session on Monday. Investors worried that tariff policy uncertainty would tip the US economy into a recession, weighing on the US Dollar (USD). Investors brace for the Bank of Canada (BoC) interest rate decision on Wednesday, which is expected to continue its easing campaign.
USD/CHF
The USD/CHF pair posts a fresh three-month low around 0.8760 at the start of the week. The pair weakens as the safe-haven demand of the Swiss Franc (CHF) increases amid deepening concerns over the United States (US) economic outlook.
CRUDE OIL
Oil prices fell for a second day on Tuesday, as concerns mounted over a potential U.S. recession, the impact of tariffs on global growth and as OPEC+ sets its sight on ramping up supply.
Gold price is licking its wounds below $2,900 early Tuesday, following three consecutive days of sellers’ rejoicing. All eyes now turn to the US economic data releases for fresh trading impetus, with the JOLTS Job Openings data due later on Tuesday, while the key Consumer Price Index (CPI) report will be published on Wednesday.
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