EUR/USD
EUR/USD begins the week on the front foot but trims some of its earlier gains after hitting a four-week high of 1.1420, sponsored by US President Donald Trump’s reversal on his decision to enact tariffs on the European Union (EU) on June 1. At the time of writing, the major currency trades at 1.1390, up 0.20%.
GBP/USD
GBP/USD extends its winning streak for the third successive session, trading around 1.3570 during the Asian hours on Tuesday. The pair is hovering near the 39-month high of 1.3593, which was marked on Monday. The pair continues to appreciate as the US Dollar (USD) weakens due to growing fears over the United States’ (US) debt concerns.
USD/JPY
USD/JPY rebounds from a monthly low of 142.11 early Tuesday BoJ Governor Ueda’s discouraging comments offset a slightly higher-than-expected Services Producer Price Index from Japan, weighing on the Japanese Yen. A broadly weaker US Dollar keeps the bearish pressure intact on the major.
AUD/USD
AUD/USD is extending its pullback from a fresh YTD peak touched the previous day in Tuesday’s Asian trading. The prevalent US Dollar selling bias, along with a positive risk tone, fails to support the Aussie amid RBA’s dovish outlook and US-China trade tensions.
NZD/USD
The NZD/USD pair extends its upside to around 0.6000 during the early Asian session on Tuesday. The US Dollar (USD) edges lower against the New Zealand Dollar (NZD) amid renewed trade tensions and growing concerns about the US fiscal outlook. The Reserve Bank of New Zealand (RBNZ) interset rate decision will be in the spotlight on Wednesday.
USD/CAD
The USD/CAD pair remains on the defensive near 1.3735 during the early Asian session on Tuesday. The US Dollar weakens against the Canadian Dollar (CAD) as investors turn away from US assets. Traders will keep an eye on the Conference Board’s Consumer Confidence report due later on Tuesday, followed by Durable Goods Orders and the Dallas Fed Manufacturing Index.
USD/CHF
USD/CHF clings to minimal gains of 0.03% on Monday amid the lack of trading activity due to the United States (US) markets being closed for the Memorial Day holiday. However, on Sunday, US President Donald Trump’s comments boosted the Greenback after he postponed tariffs on the European Union (EU). At the time of writing, the pair trades at 0.8207.
CRUDE OIL
Oil prices eased on Tuesday as market participants weighed the possibility of an OPEC+ decision to further increase its crude oil output at a meeting later this week.
Gold price is finding fresh demand, looking to revisit the two-wee high of $3,365 hit last Friday. Gold buyers await the mid-tier US economic data and trade headlines for a fresh leg higher. They will likely regain control as the 14-day RSI holds fort above the midline, near 57.
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