EUR/USD prints the first daily gains in six around 20-year low. Markets consolidate recent moves amid light calendar, mixed headlines. Hawkish central bankers, energy crisis keeps bears hopeful despite immediate rebound.
GBP/USD reverses the previous day’s heavy losses as it bounces off the all-time low to 1.0780 during early Tuesday morning in Europe. In doing so, the Cable pair renews intraday high while also snapping the five-day downtrend.
The Japanese yen tumbled to a low of 145.90 against the US dollar. In response, the Ministry of Finance intervened. However, economists at ANZ Bank the yen is set to suffer further weakness, leading the USD/JPY pair towards 150.
The AUD/USD pair is witnessing a mild correction after hitting a high of 0.6495 in the early Tokyo session. Earlier, the asset rebounded firmly after dropping to near 0.6437 as the risk-off profile was heightened. As investors have started shrugging off the negative market sentiment, commodity-linked currencies have displayed a pullback move. Also, lower consensus for the US Durable Goods Orders data has weakened the US dollar index (DXY).
The NZD/USD pair has extended its gains after overstepping the immediate hurdle of 0.5692 in the early European session. The asset has refreshed its intraday high above 0.5700 and is expected to advance further as the upside momentum seems upbeat amid weakness in the US dollar index (DXY).
The USD/CAD pair comes under heavy selling pressure on Tuesday and moves further away from levels just above the 1.3800 mark – the highest since June 2020 touched the previous day. The pair, for now, seems to have snapped a five-day winning streak and fell below mid-1.2600s during the early European session.
USD/CHF renews intraday low around 0.9910 as it prints the first daily loss in five during Tuesday’s Asian session.
Oil prices rose slightly on Tuesday as markets weighed potential supply disruptions from Hurricane Ian, although a worsening outlook for crude demand kept prices pinned at near nine-month lows.
Gold edges higher during the Asian session on Tuesday and recovers a part of the previous day’s slide to the lowest level since April 2020. The US dollar eases from a new two-decade high hit on Monday and turns out to be a key factor offering some support to the dollar-denominated commodity.
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