EUR/USD
EUR/USD recovered to 1.0740 on Tuesday as market sentiment shifts back into rate cut hopes to kick off the new trading week, with investors shrugging off cautionary statements from Federal Reserve (Fed) officials that warned rate cuts may not materialize at a pace investors are happy with.
GBP/USD
GBP/USD halted a recent slide on Tuesday, recovering 1.2700 after bottoming out near 1.2660 last week. Broader market sentiment recovered to kick off the new week as investors shrug off cautionary tones from Federal Reserve (Fed) officials to continue hoping for a September rate cut as US economic data softens.
USD/JPY
USD/JPY is rising back toward 158.00 in Tuesday’s European morning, reversing BoJ Governor Ueda’s hawkish comments-led drop to 157.50. A tepid US Dollar rebound aids the pair’s upswing. US Retail Sales data eyed.
AUD/USD
AUD/USD is rising toward 0.6650 in early Europe on Tuesday, as traders assess RBA Governor Bullock’s comments at the press conference. Earlier on, the RBA left the key rate unchanged at 4.35%, maintaining a non-committal stance on the interest rate outlook.
NZD/USD
The NZD/USD pair struggles to capitalize on the previous day’s modest rebound from the 0.6100 mark, or a one-week low and trades with a mild negative bias during the Asian session on Tuesday. Spot prices remain confined in a familiar range held over the past month or so and currently hover around the 0.6120 region, down nearly 0.20% for the day amid the emergence of fresh US Dollar (USD) buying.
USD/CAD
The USD/CAD pair extends downside around 1.3720 during the early Asian session on Tuesday. The decline of the USD Index (DXY) and the rebound of crude oil prices weigh on the pair. The US Retail Sales and Industrial Production are due later in the day. Also, the Fed Lisa Cook, Thomas Barkin, Adriana Kugler, Lorie Logan, Alberto Musalem, and Austan Goolsbee are set to speak.
USD/CHF
The USD/CHF pair recovers strongly from the 0.8900 mark and jumps to near 0.8930 in Tuesday’s early New York session. The Swiss Franc asset strengthens as US Dollar (USD) clings to gains and the uncertainty over the Swiss National Bank’s (SNB) policy outcome.
CRUDE OIL
Oil prices edged down in Asian trade on Tuesday, after posting gains in the previous session, as markets remained cautious about global demand growth prospects amid expectations of stronger supplies.
GOLD
Gold price edges higher on Tuesday, albeit the uptick lacks any follow-through buying. Signs of easing inflation keep a September Fed rate cut on the table and lend support. A modest USD strength caps the upside for the XAU/USD ahead of the US Retail Sales.
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