EUR/USD
EUR/USD is holding minor gains below 1.0950 in Tuesday’s European trading. A renewed US Dollar weakness alongside the US Treasury bond yields underpins the pair. However, further upside in EUR/USD hinges on the US CPI data release.
GBP/USD
GBP/USD remains sidelined above the 1.2800 mark early Tuesday. The pair is awaiting the UK employment data for a fresh trading impetus. Traders also stay on the edge ahead of the critical US CPI inflation data.
USD/JPY
USD/JPY kicked off the new week on the low side of the 147.00 handle, with the pair steeply off of March’s early highs above 150.00. Markets are geared up for Tuesday’s US CPI inflation print as investors continue to seek out signs the Federal Reserve (Fed) could be pushed into early rate cuts if inflation eases off rapidly enough.
AUD/USD
The AUD/USD begins Tuesday’s Asian session with minuscule losses, following Monday’s -0.19% performance on a risk-off impulse as traders brace for the release of US inflation data. At the time of writing, the pair exchanges hands at 0.6612, with losses of 0.02%.
NZD/USD
The NZD/USD pair attracts some dip-buying during the Asian session on Tuesday, albeit lacks follow-through and remains confined within the previous day’s range. Spot prices currently trade around the 0.6170-0.6175 zone and for now, seem to have stalled the recent pullback from the highest level since February 22 touched last week.
USD/CAD
The USD/CAD pair remains caped under the key 1.3500 barrier during the early Asian session on Tuesday. The decline of the US Dollar (USD) and lower US Treasury bond yields weigh on the pair. Investors await the US Consumer Price Index (CPI) inflation data for February, due later on Tuesday. At press time, USD/CAD is trading at 1.3478, down 0.03% on the day.
USD/CHF
The USD/CHF pair trades sideways above the mid-0.8700s during the early European session on Tuesday. Investors prefer to wait on the sidelines ahead of the key US inflation report later in the day. In the meantime, a cautious mood in the market could provide some support to the Swiss Franc (CHF). USD/CHF currently trades around 0.8772, unchanged for the day.
CRUDE OIL
Oil prices rose in Tuesday trade as geopolitical tensions in the Middle East continued to spur concern, but gains were limited on bearish demand sentiments and as the market waited for monthly reports from oil agencies.
GOLD
Gold is dropping for the first time in ten trading days early Tuesday, although keeping its consolidative mode intact near $2,180. Gold price sustains its correction from all-time highs of $2,195, underpinned by a pause in the US Dollar downtrend alongside the US Treasury bond yields.
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