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05.11.2024 Market Report

EUR/USD

The EUR/USD pair trades with mild gains near 1.0880 during the early Asian session on Tuesday. The US Dollar (USD) edges lower as traders brace for the outcome of the US presidential election and a likely interest rate cut from the Federal Reserve (Fed), which supports some support for the major pair. 

GBP/USD

The GBP/USD pair trades flat near 1.2950 during the early Asian session on Tuesday. Traders will closely monitor the outcome of the US presidential election. On Thursday, the attention will shift to the Bank of England (BoE) and the US Federal Reserve (Fed) monetary policy decisions. 

USD/JPY

USD/JPY consolidates the bounce below 152.50 in Asian trading on Tuesday, tracking the US Dollar price action. The pair’s upside remains capped by strong Japanese PMI data and a cautious market mood. Traders remain wary as Americans head to polls this Tuesday. 

AUD/USD

AUD/USD clings to gains near 0.6600 early Tuesday. The Aussie fails to find any inspiration, as the RBA holds the key interest rate at 4.35%. Strong China’s Caixin Services PMI data supports the Aussie amid a steady US Dollar and a tepid risk tone. RBA Governor Bullock’s presser gets underway. 

NZD/USD

The NZD/USD pair weakens to near 0.5970 on Tuesday during the Asian trading hours. The modest recovery of the US Dollar (USD) and the remarks from the Reserve Bank of New Zealand (RBNZ) weigh on the pair. Investors brace for the outcome of the US presidential election, which might trigger the volatility in the financial markets. 

USD/CAD

The USD/CAD pair maintains its position around 1.3900 during Tuesday’s Asian session, as traders exercise caution amid heightened uncertainty over the US presidential election outcome. However, a lower-than-expected US Nonfarm Payrolls report for October, showing an increase of only 12,000 compared to the previous 223,000, has put downward pressure on the US Dollar (USD).

USD/CHF

USD/CHF retraces its recent gains from the previous session, trading around 0.8650 during the European session on Tuesday. The US Dollar faces downward pressure as subdued Treasury yields follow Friday’s weaker-than-expected US Nonfarm Payrolls report.

CRUDE OIL

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close U.S. presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.

GOLD

Gold price is miring in five-day lows near $2,730 in Asian trading on Tuesday, lacking a clear direction. Traders remain wary and refrain from placing fresh bets on Gold price on the US presidential election day.  

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