EUR/USD
The EUR/USD remains pressured during the North American session, below the 1.1700 figure as the Dollar got boosted by Trump unveiling new tariff letters on two of its largest trade partners, increasing appetite for haven assets. At the time of writing, the pair trades at 1.1667, down 0.15%.
GBP/USD
GBP/USD sank further on Monday, closing lower for a seventh consecutive market session and slipping back below the 50-day Exponential Moving Average (EMA) for the first time since mid-April. Markets are expecting the latest round of tariff threats from US President Donald Trump to end with yet another delay or a suspension, but rough economic data from the UK, as well as a general level of unease for investors, is keeping risk appetite at bay and bolstering the safe haven US Dollar.
USD/JPY
USD/JPY consolidates below the 148.00 neighborhood in the Asian session amid expectations that the Bank of Japan will forgo raising interest rates in 2025 in anticipation of the economic fallout from higher US tariffs. Further, Japanese political woes boost yields to multi-year highs, lending support to the pair.
AUD/USD
AUD/USD keeps its range near 0.6550 in Asian trading on Tuesday, little impressed by the Chinese Q2 GDP beat amid the mixed Retail Sales and Industrial Production data. The US Dollar’s upside consolidative mode also leaves the Aussie in a tight range as traders assess Trump’s tariff threats ahead of US CPI data.
NZD/USD
The NZD/USD pair remains firm near 0.5980 during the Asian trading hours on Tuesday. The New Zealand Dollar (NZD) edges slightly higher against the US Dollar (USD) after the release of Chinese economic data. The attention will shift to the US Consumer Price Index (CPI) inflation data for June, which will be published later on Tuesday.
USD/CAD
The USD/CAD pair holds steady around 1.3705 during the early Asian session on Tuesday. Traders largely shrugged off fresh tariffs ahead of Consumer Price Index (CPI) inflation data from the United States (US) and Canada on Tuesday.
USD/CHF
The USD/CHF pair ticks down to near 0.7965 during the European trading session on Tuesday. The US Swiss Franc pair falls slightly as the US Dollar (USD) edges lower while struggling to extend its upside move amid hopes that the United States (US) and the European Union (EU) could strike a trade deal before the August 1 deadline.
CRUDE OIL
Oil prices fell on Tuesday after U.S. President Donald Trump’s lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns.
Gold price pauses correction from multi-week highs as dip-buying emerges ahead of US CPI inflation data. The US Dollar hangs near three-week highs as markets digest the latest Trump’s tariff threats and Powell bashing. Gold price tests 21-day SMA at $3,339 following rejection at 23.6% Fibo level at $3,377, daily RSI stays bullish.
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