EUR/USD
EUR/USD is in a rangebound territory as solid yields are weighing on risk-perceived currencies. The release of the US PPI will provide more cues about inflation projections. According to Bloomberg’s poll, the ECB is expected to find an interest rate peak at 3.25%.
GBP/USD
GBP/USD struggles for clear directions after reversing from a one-month high the previous day, making rounds to 1.2200 heading into Tuesday’s London open. In doing so, the Cable pair fall short of portraying the price-negative headlines surrounding the UK.
USD/JPY
The USD/JPY pair has faced pressure while attempting to recapture the crucial mark of 129.00 in the early Asian session. The asset has dropped below 128.50 and is likely to remain on the tenterhooks as investors are awaiting the announcement of the Bank of Japan (BoJ)’s first monetary policy of CY2023.
AUD/USD
The AUD/USD pair is displaying topsy-turvy moves in a tad wider range of 0.6960-0.6978 in the Asian session. The Aussie asset has turned sideways following the footprints of the US Dollar Index (DXY). The USD Index is showing a sideways profile amid uncertainty in the market after a stretched weekend.
NZD/USD
The NZD/USD pair gains some positive traction during the Asian session on Tuesday, though struggles to capitalize on the move beyond the 0.6400 round-figure mark. Spot prices remain confined in a familiar trading range held over the past one-and-half week or so.
USD/CAD
The USD/CAD pair is struggling to gain any meaningful traction on Tuesday and oscillating in a narrow trading band through the Asian session. The pair is currently hovering around the 1.3400 mark, nearly unchanged for the day, and is influenced by a combination of diverging forces.
USD/CHF
USD/CHF holds lower ground near the intraday bottom of 0.9243 as European traders brace for an active Tuesday, mainly due to the return of the US market players after a long weekend. Adding strength to the pair’s pullback moves could be the mixed sentiment in the market, which in turn probes the US dollar’s rebound from a multi-month low.
CRUDE OIL
Oil prices moved little on Tuesday as markets awaited a slew of economic readings this week to gauge the potential for a recession, with focus also turning to demand forecasts from several major industry bodies, starting with the OPEC.
GOLD
Gold price has entered a phase of consolidation above $1,900 on Tuesday after correcting heavily from the highest levels since April 2022. Gold price is awaiting a fresh catalyst to resume its upbeat momentum even as the USD rebounds in tandem with the US Treasury bond yields.
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