EURUSD trades in a tight range above 1.0300 early Tuesday following Monday’s choppy action. Investors await third-quarter GDP data for the Eurozone and the ZEW sentiment survey. The US economic docket will feature October Producer Price Index figures.
GBPUSD trades modestly higher on the day early Tuesday but stays below 1.1800. The September jobs report from the UK will be looked upon for fresh impetus ahead of the US PPI data. Meanwhile, the improving market mood helps the pair cling to its gains.
The USDJPY pair has delivered an upside break of the consolidation formed in a 140.00-140.20 range after the Japanese Cabinet Office reported a negative growth rate in economic activities. Earlier, the asset displayed a sideways performance above the psychological mark of 140.00 in the Asian session after rebounding from 139.65.
AUDUSD portrays the market’s cautious optimism during early Tuesday in Europe, up 0.10% intraday near 0.6710 at the latest. In doing so, the Aussie pair struggles to justify multiple data/events published earlier in the day from Canberra, as well as from Beijing, amid mildly positive headlines from the Group of 20 Nations (G20) meeting in Indonesia.
The NZDUSD pair has refreshed its day’s high at 0.6119 as the risk-on impulse has regained traction. A smart recovery in the S&P500 futures after selling pressure on Monday has infused fresh blood into the risk-perceived assets.
The USDCAD pair has shifted its auction profile above the round-level hurdle of 1.3300 in the Tokyo session. The asset picked bids after overstepping 1.3300 as the upbeat market mood has started fading now ahead of the US midterm elections outcome.
The USDCHF pair has attempted a pullback move after testing the previous week’s low around 0.9414 in the late New York session. The asset is displaying rangebound moves as the US dollar index (DXY) has turned sideways on a relatively quiet market mood.
Oil prices slid on Tuesday as rising COVID-19 cases in China sparked fears of lower fuel consumption from the world’s top crude oil importer and after OPEC cut its 2022 global demand forecast.
Gold price is moving up and down in a narrow channel at around $1,770 early Tuesday. The benchmark 10-year US Treasury bond yield stays quiet below 4%, allowing XAUUSD to move sideways for the time being. Eyes on US October PPI data.
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