EUR/USD
The EUR/USD pair trades on a softer note near 1.1125 amid the modest recovery in US Dollar during the early Tuesday. Traders brace for the release of US Retail Sales data, which is due later in the day. On Wednesday, the US Federal Reserve interest rate decision will take center stage.
GBP/USD
GBP/USD traders move to the sidelines ahead of the FOMC/BoE policy meetings this week. Rising Bets for a 50 bps Fed rate cut keep the USD bulls on the defensive and lend support. Traders now look to the US Retail Sales to grab short-term opportunities later this Tuesday.
USD/JPY
The Japanese Yen (JPY) remains stable against the US Dollar (USD) on Tuesday, driven by the hawkish sentiment surrounding the Bank of Japan interest rates outlook. Traders await the BoJ policy decision on Friday, with expectations of keeping rates unchanged while leaving the possibility open for rate hikes in October and December.
AUD/USD
The Australian Dollar (AUD) depreciates against the US Dollar (USD) on Tuesday due to growing concerns over the health of China’s economy. Analysts point out that the latest round of weak economic data indicates serious challenges for the world’s second-largest economy. Since China is a key trading partner for Australia, fluctuations in China’s economic health can have a significant effect on the Australian market.
NZD/USD
NZD/USD retraces its recent gains from the previous session, trading around 0.6190 during the Asian hours on Tuesday. The antipodean New Zealand Dollar (NZD) faces challenges due to growing concerns over the health, of its key trading partner, China’s economy. Analysts point out that the latest round of weak economic data indicates serious challenges for the world’s second-largest economy.
USD/CAD
The USD/CAD pair trades on a flat note near 1.3585 during the early Asian session on Tuesday. Further decline in the US Dollar (USD) ahead of the key US Federal Reserve (Fed) interest rate decision is likely to cap the upside for the pair. Later on Tuesday, investors will monitor the Canadian Consumer Price Index (CPI) and US Retail Sales for August for fresh impetus.
USD/CHF
The USD/CHF pair trades in negative territory for the fourth consecutive day around 0.8440 during the early European session on Tuesday. The rising expectation that the US Federal Reserve (Fed) will cut a larger interest rate at its upcoming monetary policy meeting on Wednesday weighs on the US Dollar (USD). Ahead of the key event, the US Retail Sales for August are due on Tuesday.
CRUDE OIL
Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles.
GOLD
Gold price is just a hairline short of the new record high of $2,590 reached Monday, as buyers take a pause heading into the highly anticipated two-day US Federal Reserve monetary policy meeting, starting on Tuesday.
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