Going into Tuesday’s European session, the EUR/USD is struggling to continue its recovery from a 16-month low. However, the quotation had slid to a new low since July 2020 the day before, before rebounding off 1.1359 in early Asia.
In response to mainly favourable UK job data, the GBP/USD pair reset daily tops in the mid-1.3400s, but there was no follow-through buying.
The USD/JPY pair built on the previous day’s positive move from the 113.75 area and gained some follow-through traction during the early part of the trading action on Tuesday, around 114.15-20.
AUD/USD is being pressured as we progress through the Asian session as traders dial back their rate hike bets following comments from the Reserve Bank of Australia’s governor, Phillip Lowe. AUD/USD is giving back some territory around 0.7360 and 0.7368, the high for the day, but remains up around 0.20%.
During Asian hours on Tuesday, the NZD/USD pair continued to test the 0.7050 level. At press time, the kiwi was up 0.09 percent at 0.7041, with a high of 0.7052 and a low of 0.7034.
After a two-day decline, USD/CAD bears took a respite during Tuesday’s Asian session, taking rounds to 1.2510.
USD/CHF gave up the previous day’s gains around 0.9240, and in early Tuesday it traded down 0.14%.
According to preliminary data from CME Group, open interest in crude oil futures markets decreased for the second session in a row on Monday, this time by about 4.4K contracts. Volume, on the other hand, continued to fall and fell by 125.7K contracts, extending the downturn.
Gold is still trading above $1,860 per ounce.
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