EURUSD is trading close to parity, turning south amid a renewed uptick in the US Dollar. Investors remain on the sidelines in anticipation of the critical US inflation data later this week. Encouraging Eurozone Sentix data underpins the Euro ahead of the Retail Sales report.
The GBPUSD pair has sensed a halt in the downside trend around the 1.1500 mark in the Tokyo session. The Cable could rebound firmly ahead as recession fears in the US economy are accelerating dramatically. The positive risk profile is strengthening further as S&P500 futures are extending their gains in Asia after a bullish Monday.
USDJPY has dropped as the Tokyo session gets going and risk currencies catch a bid. The Nikkei is sharply higher and high betas are tagging along. At the time of writing, USDJPY is trading at 146.40, down some 0.12% and has dropped from a high of 146.72 reaching a low of 146.33 so far.
AUDUSD is dropping towards 0.6450 in the Asian trading hours, as the US Dollar finds its feet amid a mixed market mood. The Asian stocks are trading mixed, led by the decline in Chinese equities. Weak Australian NAB survey also weighs on the aussie.
NZDUSD bulls take a breather at the multi-day high during a sluggish Tuesday morning in Europe. With this, the Kiwi pair remains mildly offered near 0.5930 after rising to the highest levels since September 20, snapping a two-day uptrend.
The USDCAD pair is displaying back-and-forth moves in a narrow range below the 1.3500 mark in the early Asian session. The asset has turned sideways as investors are awaiting the US mid-term elections, which will set the ground ahead of the US Consumer Price Index (CPI) data.
USDCHF bears take a breather around a one-week low as the quote seesaws near 0.9885 during Tuesday’s Asian session.
Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries.
Gold price is moving back and forth in a tight range below the multi-week highs of $1,683, as bulls gather strength before resuming the uptrend. However, a sense of caution prevails, as investors prefer to stay on the sidelines ahead of the critical CPI release from the United States later in the week.
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