EUR/USD
The EUR/USD pair extends its recovery to around 1.0985 on Tuesday during the early European trading hours. The major pair edges higher amid the modest weakening in the US Dollar. However, the upside for EUR/USD might be limited as traders expect a smaller interest rate cut from the US Federal Reserve in November.
GBP/USD
GBP/USD gains some positive traction and snaps a five-day losing streak to a multi-week low. A modest USD downtick lends support to the pair, though a combination of factors caps gains. Diminishing odds for an aggressive Fed policy easing limit the USD losses and act as a headwind.
USD/JPY
The Japanese Yen (JPY) remains on the front foot against its American counterpart for the second successive day on Tuesday, albeit it lacks bullish conviction. The overnight comments by Japanese officials revived intervention fears, which, along with escalating geopolitical tensions in the Middle East, turn out to be key factors underpinning the safe-haven JPY. Apart from this, a modest US Dollar (USD) downtick exerts some downward pressure on the USD/JPY pair.
AUD/USD
The Australian Dollar (AUD) loses traction on Tuesday, pressured by the comments from the National Development and Reform Commission press conference. China’s state planner stated that China’s economy is facing a more complex internal and external environments. Chinese officials disappoint traders without more major stimulus. Additionally, the risk-off sentiment amid the escalating geopolitical tensions in the Middle East might exert some selling pressure on riskier assets like the AUD for the time being.
NZD/USD
The NZD/USD pair attracts some sellers following an Asian session uptick to the 0.6145 region and drifts into negative territory for the seventh successive day on Wednesday.
USD/CAD
The USD/CAD pair trades flat around 1.3645 amid the consolidation of the Greenback during the early Asian session on Wednesday. The US Federal Reserve (Fed) has emphasized that its approach to monetary policy easing will be guided by incoming economic data. Investors will take more cues from the US Consumer Price Index (CPI) data, which is due on Thursday.
USD/CHF
The USD/CHF pair edges lower to near 0.8535 during the early European session on Tuesday. The ongoing geopolitical tensions in the Middle East provide some support to safe-haven assets like the Swiss Franc (CHF).
CRUDE OIL
Oil prices steadied in Asian trading on Wednesday as traders weighed developments in the Middle East conflict against continued bearish expectations for demand.
GOLD
Gold price maintains its corrective decline early Tuesday, looking to threaten the lower boundary of the recent range at $2,630. The focus now remains on the Middle East tensions, additional Chinese stimulus rollout and speeches from US Federal Reserve policymakers for fresh directives.
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