EUR/USD
The EUR/USD pair recovers a few pips from a one-week low, around the 1.1030-1.1025 area touched during the Asian session on Tuesday and for now, seems to have snapped a two-day losing streak. Any meaningful appreciating move, however, still seems elusive in the wake of some follow-through US Dollar (USD) buying.
GBP/USD
GBP/USD extends its losing streak for the third successive day, trading around 1.3060 during the Asian session on Tuesday. The downside of the pair could be attributed to the improved US Dollar (USD), which received support as recent US labor data raised uncertainty over the likelihood of an aggressive interest rate cut by the Federal Reserve (Fed) at its September meeting.
USD/JPY
USD/JPY turns south toward 143.00 early Tuesday, having faced rejection near 143.50. The pair is weighed down by the renewed haven demand for the Japanese Yen, as China’s slowdown woes temper risk sentiment. The downside, however, could be capped by the US Dollar recovery.
AUD/USD
AUD/USD is recovering slightly from monthly lows below 0.6650 in Tuesday’s Asian trading, helped by the widening of China’s trade surplus in August. The further upside appears elusive amid weak Australian sentiment data, sustained US Dollar strength and looming China economic concerns.
NZD/USD
The NZD/USD pair remains under some selling pressure for the third straight day on Tuesday and currently trades around the 0.6140-0.6135 region, just above a three-week low touched the previous day. Traders have been scaling back their bets for a larger, 50 basis points (bps) interest rate cut by the Federal Reserve (Fed) in September following the release of mixed US jobs report on Friday. This, in turn, pushes the USD Index (DXY), which tracks the Greenback against a basket of currencies, closer to the monthly peak touched last week and is seen weighing on the NZD/USD pair. That said, bets for an imminent start of the Fed’s rate-cutting cycle, along with a positive risk tone, could cap the USD and lend support to the currency pair.
USD/CAD
The USD/CAD pair attracts some buyers during the Asian session on Tuesday, albeit lacks follow-through and remains confined in the previous day’s trading range.
USD/CHF
USD/CHF breaks its four-day losing streak, trading around 0.8470 during the early European hours on Monday. The US Dollar (USD) received support as Friday’s US economic data raised uncertainty over the likelihood of an aggressive interest rate cut by the Federal Reserve (Fed) at its September meeting.
CRUDE OIL
Oil prices edged down on Tuesday as weak Chinese demand offset supply disruptions from Tropical Storm Francine and as global oil oversupply risks continued to weigh on the market.
GOLD
Gold price struggles to capitalize on the previous day’s move up from the $2,485 region and ticks lower during the Asian session on Tuesday amid some follow-through US Dollar strength. Investors trimmed their bets for a larger interest rate cut by the Federal Reserve in September following the release of mixed US monthly jobs report on Friday.
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