EUR/USD
EUR/USD extends its losing streak for the fifth successive session, trading around 1.1510 during the Asian hours on Tuesday. The pair depreciates as the US Dollar (USD) gains support amid cautious sentiment over the US Federal Reserve (Fed) policy stance for December.
GBP/USD
GBP/USD has managed to keep pumping the brakes at the outset of another trading week, finding enough friction to hold off on further declines as price action toys with the 1.3150 level. A technical rebound has yet to materialize, and Cable is likely to continue some rough chop in the interim as Pound Sterling (GBP) traders await the Bank of England’s (BoE) latest interest rate decision.
USD/JPY
The USD/JPY pair gathers strength to near 154.20 during the early Asian session on Tuesday. The US Dollar (USD) edges higher against the Japanese Yen (JPY) on the likelihood that the US Federal Reserve (Fed) might hold its interest rate in December. The Fed’s Bowman is set to speak later in the day.
AUD/USD
Australian Dollar (AUD) recovers its daily losses against the US Dollar (USD) on Tuesday, following the cautious remarks from the Reserve Bank of Australia (RBA) Governor Michele Bullock. Bullock spoke at the post-meeting press conference, highlighting the need for less policy easing in this meeting. The Reserve Bank of Australia (RBA) decided to maintain the Official Cash Rate (OCR) at 3.6% in the November policy meeting.
NZD/USD
The NZD/USD pair attracts some sellers to around 0.5695 during the early Asian session on Tuesday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) as the latest data showed the Chinese manufacturing sector weakening last month. Federal Reserve (Fed) Governor Michelle Bowman is scheduled to speak later on Tuesday.
USD/CAD
The USD/CAD pair gains ground to near 1.4070 during the Asian trading hours on Tuesday. The US Dollar (USD) strengthens against the Canadian Dollar (CAD) as traders dial back bets for further Federal Reserve (Fed) rate cuts. Traders will keep an eye on Canada’s Merchandise Trade data and Fedspeak later on Tuesday.
USD/CHF
The USD/CHF pair attracts buyers for the fifth consecutive day and climbs to its highest level since August 22 during the Asian session on Tuesday. The momentum lifts spot prices to the 0.8100 neighborhood and is sponsored by sustained US Dollar (USD) buying.
CRUDE OIL
Oil prices slipped on Tuesday as investors read OPEC+’s decision to pause output hikes in the first quarter as a signal of oversupply in the market.
Gold (XAU/USD) retains its negative bias below the $4,000 psychological mark through the Asian session on Tuesday, though the downside seems cushioned amid mixed fundamental cues. The US Dollar (USD) attracts buyers for the fifth straight day and climbs to a fresh high since early August in the wake of the US Federal Reserve’s (Fed) hawkish tilt, which, in turn, is seen weighing on the non-yielding yellow metal. Apart from this, the underlying bullish sentiment across the global financial markets turns out to be another factor undermining the safe-haven precious metal.
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