EUR/USD
EUR/USD continues its upward momentum for the second consecutive session, trading around 1.0490 during Asian hours on Tuesday. The Euro (EUR) received support from rising hopes for a potential Ukraine peace deal. European leaders, alongside Ukrainian President Volodymyr Zelenskyy and UK Prime Minister Keir Starmer, have agreed to draft a structured peace plan to be presented to the United States (US).
GBP/USD
The GBP/USD pair edges lower after registering gains in the previous session, hovering around 1.2680 during Tuesday’s Asian hours.
USD/JPY
USD/JPY pares losses to regain 149.00 early Tuesday as US President Trump’s tariffs fuel risk aversion and lift the haven demand for the US Dollar. However, BoJ rate hike expectations and global tariff war fear continue to support the safe-haven Japanese Yen, keeping upside limited.
AUD/USD
AUD/USD retains its negative bias, hovering near 0.6200 after the dovish RBA Minutes, which showed that policymakers placed weight on downside risks to the economy. The escalating US-China trade war and renenwed US Dollar buying overshadow in-line Australian Retail Sales, weighing further on the Aussie.
NZD/USD
The NZD/USD pair remains on the defensive around 0.5610 during the early Asian session on Tuesday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) amid concerns about an escalating trade war between the United States (US) and China, the world’s top two economies.
USD/CAD
The USD/CAD pair extends its upside to around 1.4490 during the late American session on Monday. The Canadian Dollar (CAD) weakens to near a one-month low against the Greenback as US President Donald Trump was due to place 25% tariffs on Canadian goods, with the exception of a 10% levy on energy goods, by today.
USD/CHF
The USD/CHF pair trades with mild losses near 0.9020 during the early European session on Tuesday. The weaker US Dollar (USD) broadly drags the pair lower. Traders will take more cues from the US ISM Manufacturing PMI report, which is due later on Monday. On Friday, the attention will shift to the US ISM Manufacturing PMI data.
CRUDE OIL
Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April while markets braced for U.S. tariffs on Canada, Mexico and China to take effect.
Gold price is treading water below $2,900 early Tuesday, consolidating the recent upswing before the next push higher. Markets remain risk-averse as a global tariff war seems inevitable, with US President Donald Trump affirming 25% tariffs on Canada and Mexico effective on Tuesday while he already signed the order to raise China tariffs to 20%.
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