EUR/USD
The EUR/USD pair extends its downside to around 1.0305 during the early European session on Tuesday. The Greenback strengthens after US President Donald Trump moved to substantially raise tariffs on steel and aluminium imports and said he would announce plans to impose reciprocal tariffs on other countries over the coming days.
GBP/USD
GBP/USD continues its downward trend for the fourth consecutive day, trading near 1.2350 during Asian hours on Tuesday. The pair weakens amid escalating trade tensions after US President Donald Trump imposed a flat 25% tariff on steel and aluminum imports on Monday, removing all exemptions and nullifying previous trade agreements with key United States’ (US) allies. The move is intended to support struggling domestic industries but increases the risk of a broader trade conflict.
USD/JPY
Japanese Yen remains on the front foot against its American counterpart through the Asian session on Tuesday, though it lacks follow-through. Worries about US President Donald Trump’s no-exemption tariffs on commodity imports effectively end deals with the European Union, the United Kingdom, Japan, and other countries.
AUD/USD
The Australian Dollar weakened against the US Dollar on Tuesday as downward pressure mounted on the AUD/USD pair. The decline followed US President Donald Trump’s decision to expand steel and aluminum tariffs by 25% to include all imports, nullifying trade agreements with key US allies, including Australia.
NZD/USD
The NZD/USD pair remains under selling pressure around 0.5635 during the Asian session on Tuesday. The concerns about potential trade wars under US President Donald Trump administration continue to undermine the New Zealand Dollar (NZD). Later on Tuesday, Federal Reserve (Fed) Chair Jerome Powell’s semi-annual testimony will be in the spotlight.
USD/CAD
USD/CAD extends its gains for the second successive day, trading around 1.4330 during the Asian hours on Tuesday. The pair appreciated due to escalating trade tensions after US President Donald Trump significantly increased tariffs on steel and aluminum imports to a flat 25% on Monday, with no exceptions or exemptions. The move aims to support struggling domestic industries but raises the risk of a multi-front trade war.
USD/CHF
The USD/CHF pair gathers strength to around 0.9110 during the early European session on Monday. The US Federal Reserve (Fed) is expected to keep interest rates hold this year after the US January employment data, supporting the Greenback. Fed’s Chair Powell testifies will be the highlight on Tuesday. Later on Wednesday, US Consumer Price Index (CPI) inflation data will be in focus.
CRUDE OIL
Oil prices extended gains on Tuesday after a report showed Russian oil production fell short of quota and on fears of more supply disruptions, but gains were limited by worries that escalating trade tariffs could dampen global economic growth.
Gold price advances further beyond $2,900 and hits a fresh all-time peak on Tuesday. Trump’s new tariffs and geopolitical risks continue to boost the safe-haven commodity. A modest USD strength prompts some intraday profit-taking around the XAU/USD pair.
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