FX Strategists at UOB Group still remain of the view that EUR/USD could extend the upside momentum in the next weeks.
In opinion of FX Strategists at UOB Group, Cable could edge higher and re-visit 1.3800 ahead of
1.3850 in the short-term horizon.
USD/JPY could move into a consolidative phase in the near term ahead of a probable move to 115.00, noted FX Strategists at UOB Group.
AUD/USD caught some fresh bids on Tuesday amid a broad-based USD weakness.
Further upside in NZD/USD is expected to face the next hurdle at the 0.7130 level in the next weeks, suggested FX Strategists at UOB Group.
The USD/CAD pair extended its steady intraday descent through the Asian session and dropped back closer to over three-month lows touched last Friday. The pair was last seen trading just below mid-1.2300s, down over 0.20% for the day.
USD/CHF accumulated mild losses on Tuesday in the early Asian session. After testing the high near 0.9280 in the US session, the pair traded lower to close below 0.9250. At the time of writing, USD/CHF is trading at 0.9233, down 0.05% for the day.
According to flash data from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 7.7K contracts on Monday, reversing the previous daily build. Volume, instead, went up by around 201K contracts after four consecutive daily pullbacks.
CME Group’s preliminary readings for gold futures markets noted open interest shrank for the second session in a row on Monday, this time by nearly 3K contracts. Volume, followed suit and dropped by around 51.2K contracts.