EUR/USD
The EUR/USD pair trades 0.18% lower to near 1.1635 during the European trading session on Tuesday. The major currency pair faces selling pressure as the US Dollar (USD) resumes its upside journey amid firm expectations that the Federal Reserve (Fed) will not cut interest rates this year.
GBP/USD
The British Pound (GBP) drifts further from Monday’s highs near 1.3450 against the US Dollar (USD) on Tuesday, reaching session lows a few pips above 1.3400 at the time of writing. UK unemployment figures confirmed that the labour market deteriorated in March, adding negative pressure on the Sterling.
USD/JPY
The USD/JPY pair trades with positive bias for the seventh straight day and is currently placed around its highest level in nearly three weeks, with bulls looking to extend the momentum beyond the 159.00 mark.
The US Dollar (USD) regains positive traction amid persistent geopolitical uncertainties and bets that the US Federal Reserve (Fed) will hike interest rates by the end of this year. Furthermore, economic concerns stemming from the Middle East conflict undermine the Japanese Yen (JPY) and act as a tailwind for the USD/JPY pair. The uptick seems unaffected by Japan’s upbeat Q1 GDP and intervention fears, suggesting that the path of least resistance for spot prices is to the upside.
AUD/USD
The AUD/USD pair struggles to capitalize on the previous day’s modest recovery from the 0.7120-0.7115 region, or over a two-week low, and meets with a fresh supply during the Asian session on Tuesday. The intraday slide is sponsored by the emergence of some US Dollar (USD) dip-buying, which overshadows the hawkish Reserve Bank of Australia (RBA) and drags spot prices back below mid-0.7100s in the last hour.
NZD/USD
The NZD/USD starts the session near the 0.5880 region on Tuesday as the US Dollar (USD) weakens amid shifting Federal Reserve (Fed) expectations and mixed developments surrounding negotiations between the US and Iran.
USD/CAD
The USD/CAD pair trades marginally higher to near 1.3750 during the European trading session on Tuesday. The Loonie pair ticks up as the US Dollar (USD) reflects strength due to firm expectations that the Federal Reserve (Fed) will either hold interest rates at their current levels for longer or raise them this year.
USD/CHF
USD/CHF recovers its recent losses registered in the previous day, trading around 0.7860 during the Asian hours on Tuesday. The pair appreciates as the US Dollar (USD) draws support from expectations of a more hawkish outlook from the US Federal Reserve (Fed).
CRUDE OIL
Oil prices fell 2% on Tuesday in early Asian trade after U.S. President Donald Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East.
Gold (XAU/USD) extends its steady intraday descent heading into the European session on Tuesday and remains close to the lowest level since March 30, set the previous day. Despite renewed hopes for a potential US-Iran peace deal, investors remain skeptical amid major disagreements over Tehran’s nuclear program and the Strait of Hormuz. Furthermore, hawkish US Federal Reserve (Fed) expectations assist the US Dollar (USD) to regain positive traction and act as a headwind for the non-yielding bullion.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
