EUR/USD
EUR/USD is posting small gains above 1.0800 in the early European session on Tuesday. The Euro draws support from easing fiscal concerns after the unexpected French election results while the US Dollar awaits Fed Chair Powell’s testimony for fresh cues on the policy outlook.
GBP/USD
GBP/USD is consolidating near 1.2800 early Tuesday, having briefly tested multi-week highs on Monday. UK data remains thin this week, leaving traders focused on Fed Chair Powell’s congressional testimony later on Tuesday and US CPI data on Wednesday.
USD/JPY
The Japanese Yen (JPY) extends its losses for the second successive session on Tuesday. The minor improvement in the US Dollar (USD) underpins the USD/JPY pair. However, the JPY could limit its downside due to fears of intervention by Japanese authorities in the FX markets.
AUD/USD
The Australian Dollar (AUD) recovers its recent losses, trading near its six-month high of 0.6761 on Tuesday. This upside of the AUD is attributed to the rising expectations that the Reserve Bank of Australia (RBA) might lag in the global rate-cutting cycle or raise interest rates again due to strong inflation data for May.
NZD/USD
The NZD/USD pair trades on a stronger note around 0.6130 on Tuesday during the early Asian trading hours. The US Dollar (USD) consolidates as traders await the Federal Reserve’s (Fed) Jerome Powell’s testimony on Tuesday ahead of the Reserve Bank of New Zealand’s (RBNZ) interest rate decision on Wednesday.
USD/CAD
The USD/CAD pair oscillates in a narrow trading range around 1.3635 during the early Asian session on Tuesday. Traders prefer to wait on the sidelines ahead of Powell’s semi-annual testimonies and key US data. Additionally, the Federal Reserve’s (Fed) Michael Barr and Michelle Bowman are set to speak later on Tuesday.
USD/CHF
The USD/CHF pair trades in positive territory for the second consecutive day around 0.8980 on Tuesday during the early European session. Meanwhile, the USD Index (DXY) consolidates near the 105.00 level ahead of Federal Reserve (Fed) Chair Jerome Powell’s semi-annual monetary policy testimony on Tuesday.
CRUDE OIL
Oil prices slipped on Tuesday, extending losses from the previous session, after a hurricane that hit a key U.S. oil-producing hub in Texas caused less damage than markets had expected, easing supply concerns.
Gold price is attempting a tepid bounce while defending the $2,350 psychological support in Asian trading on Tuesday. The renewed uptick in Gold price could be attributed to the downside consolidation phase of the US Dollar and the US Treasury bond yields.
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