EUR/USD
EUR/USD is trading on the back foot near 1.1050 in the European morning on Tuesday. The pair stays on a slippery slope, courtesy of the sustained US Dollar recovery, risk-off mood and uncertainty around the ECB’s rate outlook. US ISM Manufacturing PMI awaited.
GBP/USD
GBP/USD is pressured toward 1.3100 in early European trading on Tuesday. A broadly firmer US Dollar and a risk-averse market environment bode ill for the pair, as traders shift their focus to the US ISM manufacturing PMI data for fresh trading impetus.
USD/JPY
The Japanese Yen (JPY) ended its four-day losing streak, edging higher against the US Dollar (USD) on Tuesday. However, the JPY encountered headwinds as weak Japanese manufacturing data fueled speculation that the Bank of Japan (BoJ) might postpone further rate hikes.
AUD/USD
The Australian Dollar (AUD) edges lower against the US Dollar (USD) as traders await the ISM Manufacturing PMI data due on Tuesday. However, the AUD/USD pair may find some support amid increasing dovish expectations regarding the US Federal Reserve’s (Fed) policy outlook.
NZD/USD
NZD/USD continues to lose ground for the third successive session, trading around 0.6200 during the Asian hours on Tuesday. The US Dollar (USD) receives support from diminishing odds of an aggressive interest rate cut by the US Federal Reserve rate in September.
USD/CAD
The USD/CAD pair trades on a stronger note near 1.3500 during the early Asian session on Tuesday. The USD Index (DXY), which measures the USD’s value against a basket of six major currencies, consolidated around 101.60 as traders prefer to wait on the sidelines ahead of the key labor data this week. On Tuesday, the US ISM Manufacturing PMI will be in the spotlight.
USD/CHF
The USD/CHF pair edges lower to near 0.8490 during the early European trading hours on Monday. The downtick of the pair is backed by the weakening of the US Dollar (USD) amid the growing speculation that the US Federal Reserve (Fed) will cut the rate in the September meeting. The Swiss August Consumer Price Index (CPI) and Gross Domestic Product (GDP) for the second quarter will be released on Tuesday. The Swiss economy is projected to grow 0.5% QoQ in Q2.
CRUDE OIL
Brent oil prices fell on Tuesday as sluggish economic growth in China, the world’s biggest crude importer, increased worries about demand that overshadowed the impact of the halt of production and exports from Libya.
GOLD
Gold price is trading under pressure just below the $2,500 mark early Tuesday, consolidating the three-day downtrend after hitting fresh weekly lows. Gold price now looks forward to the top-tier US ISM Manufacturing PMI data for the next directional move.
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