EUR/USD
The EUR/USD pair edges lower to around 1.1615 during the early European session on Tuesday. Concerns over oil flow disruptions through the Strait of Hormuz boost the US Dollar (USD) as a safe-haven and create a headwind for the major pair.
GBP/USD
GBP/USD rose about 0.3% on Monday, falling just short of reclaiming 1.3450 after rebounding from a dip to around 1.3280 in the early session. Monday marks the sixth consecutive session in which the pair has treaded across the 200-day Exponential Moving Average (EMA), with price oscillating in the chart neighborhood near 1.3400 as consolidation sets in. Despite a looming consolidation phase, a bullish close above 1.3400 has tilted the near-term picture in favour of buyers heading into Tuesday.
USD/JPY
USD/JPY advances for the third straight day, gaining 0.07% on Monday as the Greenback remains underpinned by its safe-haven appeal, and expectations for a less dovish Federal Reserve (Fed). The pair trades at 158.02 at the time of writing.
AUD/USD
AUD/USD inches lower after two days of gains, trading around 0.7060 during the Asian hours on Tuesday. The pair holds losses as the Australian Dollar (AUD) moves little following the release of China’s Trade Balance data, which reported a trade surplus of $213.62B in February, exceeding the market expectations of $179.6B and $114.1B prior. However, the trade surplus in terms of Chinese Yuan (CNY) declined to CNY 1.5B in February, from CNY 808.8B in January. The market expectations were CNY 950B
NZD/USD
The NZD/USD pair attracts some sellers during the Asian session on Tuesday and erodes a part of the previous day’s goodish recovery gains from levels just below mid-0.5800s. Spot prices, however, hold above the 0.5800 mark as traders await China’s Trade Balance data for some impetus amid persistent geopolitical uncertainties.
USD/CAD
The USD/CAD pair struggles to build on the overnight bounce from the 1.3525 area, or a nearly one-month low, and oscillates in a narrow band during the Asian session on Tuesday. Spot prices currently trade below the 1.3600 mark, nearly unchanged for the day, amid mixed fundamental cues.
USD/CHF
USD/CHF edges higher after two days of losses, trading around 0.7780 during the Asian hours on Tuesday. The pair gains ground as the US Dollar (USD) inches higher after a sharp intraday drop in the previous session.
CRUDE OIL
Oil prices fell on Tuesday after hitting an over three-year high in the prior session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.
Gold (XAU/USD) builds on the overnight goodish rebound from the vicinity of the $5,000 psychological mark and attracts some follow-through buying during the Asian session on Tuesday. Iranian officials dismissed US President Donald Trump’s remarks that the Middle East conflict will end soon as nonsense and warned that regional security would either exist for everyone or for no one. Moreover, Iran’s Islamic Revolutionary Guard Corps (IRGC) said that Tehran, not Washington, will determine when the war ends. This keeps geopolitical risks in play and helps revive demand for the safe-haven precious metal.
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