EUR/USD is holding steady above 1.0000, unable to sustain the recovery near 1.0050. The pair fails to capitalize on risk flows and retreating Treasury yields amid a tepid bounce in the US dollar. Focus shifts to Lagarde’s speech and the Fed decision.
GBP/USD is consolidating the renewed upside above 1.1400, helped by an upbeat market mood and a pause in the US dollar recovery. The further upside in cable appears elusive amid the Fed-BOE policy divergence.
USD/JPY struggles to defend 143.00, despite a recent pick-up during early Tuesday morning in Europe. In doing so, the yen pair portrays the market’s indecision ahead of the key monetary policy meeting decision from the US Federal Reserve (Fed) and the Bank of Japan (BOJ).
The AUD/USD pair has rebounded sharply after correcting to near 0.6713 in the Tokyo session. The asset is gaining strength amid a firmer establishment above the round-level hurdle of 0.6700. The major has breached the immediate 0.6732 mark and is attempting to sustain above that.
NZD/USD takes offers to refresh intraday low around 0.5935 heading into Tuesday’s European session. In doing so, the Kiwi pair drops for the second consecutive day while fading the previous day’s bounce off the 28-month low marked on Monday.
The USD/CAD pair has turned sideways around 1.3250 after a less-confident rebound from 1.3227 in the Tokyo session. On Monday, the asset witnessed a steep fall after failing to sustain above the crucial 1.3300 mark. The major slipped sharply after investors shrugged off the uncertainty over the monetary policy announcement by the Federal Reserve (Fed) on Wednesday.
The USD/CHF pair is attempting to build a base of around 0.9640 in the early Asian session. Earlier, the asset witnessed a steep fall after failing to strike the round-level mark of 0.9700. The correction in the asset ensures the unavailability of sheer momentum and will conclude sooner. A lackluster performance is expected from the asset ahead as investors will await the announcement of the monetary policies for making informed decisions.
Oil prices steadied on Tuesday after rising in the previous session on concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world’s biggest oil consumer.
Gold price has resumed its downside journey after sensing selling interest at around $1,680.00 in the Asian session. The pullback move in the precious metal is concluding now as the US dollar index is holding onto its recovery.
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