EUR/USD
The EUR/USD pair gains ground to near 1.1645 during the early European session on Tuesday. The prospect of a US interest rate cut on Wednesday weighs on the US Dollar (USD) against the Euro (EUR). Traders will keep an eye on the US ADP Employment Change four-week average and Jolts Job Openings reports for September and October later on Tuesday.
GBP/USD
The GBP/USD pair attracts some buyers following the previous day’s two-way directionless price move and holds steady above the 1.3300 mark during the Asian session on Tuesday. Spot prices, however, lack strong follow-through buying as traders opt to wait on the sidelines ahead of this week’s key central bank event risk.
USD/JPY
The USD/JPY pair attracts some buyers to near 155.95 during the early Asian session on Tuesday. The Japanese Yen (JPY) weakens against the US Dollar (USD) as traders assess the potential impact of a strong earthquake in Japan. The Bank of Japan Governor Kazuo Ueda’s speech will be in the spotlight later on Tuesday ahead of the Federal Reserve (Fed) interest rate decision.
AUD/USD
The Australian Dollar (AUD) trades on the back foot against the US Dollar (USD) on Monday, with AUD/USD snapping a four-day winning streak as the Greenback steadies. At the time of writing, the pair is hovering near 0.6621, with traders turning cautious ahead of the Reserve Bank of Australia (RBA) interest rate decision on Tuesday.
NZD/USD
The NZD/USD pair declines to around 0.5775 during the early Asian session on Tuesday. The US Dollar (USD) strengthens against the New Zealand Dollar (NZD) as markets brace for a hawkish cut from the US Federal Reserve (Fed) on Wednesday. Traders will take more cues from the delayed US jobs data later on Tuesday ahead of the Fed’s policy meeting.
USD/CAD
The USD/CAD pair struggles to capitalize on the previous day’s goodish recovery from the 1.3800 mark, or its lowest level since September 22, and edges lower during the Asian session on Tuesday. Spot prices currently trade around the 1.3845-1.3850 region, though traders seem reluctant to place aggressive directional bets amid mixed fundamental cues.
USD/CHF
The Swiss Franc (CHF) trades on the back foot against the US Dollar (USD) on Monday as markets reposition ahead of this week’s key monetary policy decisions from the Federal Reserve (Fed) and the Swiss National Bank (SNB).
CRUDE OIL
West Texas Intermediate (WTI) Oil price falls on Tuesday, early in the European session. WTI trades at $58.55 per barrel, down from Monday’s close at $58.69.
Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $62.21 after its previous daily close at $62.34.
Gold (XAU/USD) trades with a negative bias for the third straight day and drops to a one-week low, around the $4,170 region, during the early European session on Tuesday. The downtick lacks any obvious fundamental catalyst and could be attributed to some repositioning trade ahead of the highly anticipated FOMC policy meeting, starting later today. Investors will keep a close eye on updated economic projections, including the so-called dot plot, and Federal Reserve (Fed) Chair Jerome Powell’s post-meeting press conference for cues about the future rate-cut path. This, in turn, will play a key role in influencing the US Dollar (USD) demand and providing a fresh directional impetus to the non-yielding yellow metal.
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