EUR/USD
EUR/USD is clinging onto the recent gains below 1.0150 in early Europe amid a broadly subdued US dollar and negative Treasury yields. The pair is looking forward to the all-important US inflation release before resuming the recovery. German ZEW eyed as well.
GBP/USD
GBP/USD is picking up fresh bids to test 1.1700, as the UK Unemployment Rate sees an unexpected drop to 3.6% in July. Markets remain cautious amid China’s stimulus hopes and nervousness ahead of the critical US inflation data.
USD/JPY
USD/JPY is lower on the day as the US dollar comes under pressure ahead of the US inflation data that will be released later today in the New York session. At the time of writing, the pair is losing around 0.13% and has dropped from a high of 142.84 and has reached a low of 142.41 so far.
AUD/USD
AUD/USD bounces off intraday low as it pares the first daily loss in three around 0.6875 during early Tuesday morning in Europe. In doing so, the Aussie pair struggles to cheer mildly positive headlines from China amid pre-US inflation anxiety and mixed geopolitical concerns.
NZD/USD
NZD/USD bulls keep reins near the mid-0.6100s, despite the latest sideways grind, as traders await the key US inflation data on Tuesday. It’s worth noting that the recently firmer sentiment and upbeat data from New Zealand join softer US inflation expectations to weigh on the NZD/USD prices.
USD/CAD
USD/CAD portrays inaction amid the market’s anxiety ahead of the US inflation data during early Tuesday morning in Europe. In doing so, the Loonie pair traces the sluggish oil prices, Canada’s main export, as well as mixed risk catalysts, while taking rounds to 1.2985 at the latest. It’s worth noting that the Loonie pair dropped during the last four days before recently trading sideways near the lowest levels in 12 days.
USD/CHF
The USD/CHF pair is facing less-confident hurdles around 0.9600 in the early Tokyo session. The asset moved higher after a tepid opening around 0.9580 but is facing exhaustion signals amid a risk-on market mood. A failure to sustain above 0.9600 may drag the greenback bulls towards the previous week’s low of around 0.9560.
CRUDE OIL
Oil prices fell in choppy trade on Tuesday as traders feared more headwinds to demand from COVID lockdowns in China, with focus now turning to the OPEC’s monthly outlook report due later in the day.
GOLD
Gold price looks vulnerable near $1,720 despite weaker yields and the US dollar. An upside surprise to the monthly US core CPI cannot be ruled out. XAU/USD risks testing the $1,702 mark on the critical US inflation data.
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