EUR/USD
EUR/USD hit a fresh ten-week low on Monday, kicking off a new trading week with renewed declines. The Euro shed one-quarter of one percent against the Greenback, knocking into the 200-day Exponential Moving Average (EMA) as USD strength parlays with a broadly weakening EUR.
GBP/USD
GBP/USD churned chart paper just north of 1.3000 on Monday, with markets striking a laid-back tone ahead of key UK data due to release in the first half of the trading week. UK wages and jobs additions are slated for early Tuesday, with UK Consumer Price Index (CPI) and Producer Price Index (PPI) inflation in the barrel for Wednesday. US Retail Sales figures will round out the middle of the week on Thursday, followed by UK Retail Sales slated for Friday’s London market session.
USD/JPY
USD/JPY is bouncing back toward 150.00 in Tuesday’s Asian session, finding buyers near 149.50. The pair tracks the broad US Dollar rebound amid a cautious market mood, as investors stay unnerved by China’s economic woes. The focus now remains on the Fedspeak.
AUD/USD
AUD/USD has come under renewed selling pressure, retreating toward 0.6700 in Asian trading on Tuesday. The US Dollar regains poise and reverts toward over two-month highs due to a negative shift in risk tone, as China worries persist. Fedspeak eyed.
NZD/USD
NZD/USD depreciates after registering gains in the previous two sessions, trading around 0.6090 during the Asian trading hours on Tuesday. The New Zealand Dollar (NZD) receives downward pressure from the deflation fears in its largest trading partner China. Additionally, uncertainty surrounding Beijing’s economic stimulus plans, which has raised concerns about the country’s demand undermines the Kiwi Dollar.
USD/CAD
The USD/CAD pair trades near its highest level since August 6 during the Asian session on Tuesday, with bulls making a fresh attempt to build on the momentum beyond the 1.3800 round-figure mark.
USD/CHF
USD/CHF continues to gain ground for the second day, trading around 0.8600 during the early European hours on Tuesday. The upside of the USD/CHF pair could be attributed to a solid US Dollar (USD), fueled by expectations that the US Federal Reserve (Fed) will slow the pace of borrowing cost reductions more than previously anticipated.
CRUDE OIL
Oil prices slid 3% in early Asian trade on Tuesday after a media report said Israel is willing not to strike Iranian oil targets, which eased fears of a supply disruption, and after OPEC lowered its outlook for global oil demand growth in 2024 and 2025.
GOLD
Gold price trades with a negative bias for the second straight day on Tuesday and is pressured by a combination of factors. Traders no longer expect another outsized interest rate cut by the Federal Reserve in November, which had been a key factor behind the recent upswing in the US Treasury bond yields.
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