EUR/USD is clinging to gains at around 1.0550, as a sense of calm prevails ahead of the critical inflation data on Tuesday. Recession fears in the Eurozone and anxiety ahead of the Fed and the ECB policy decisions keep the pair’s upside in check. German ZEW also eyed.
GBP/USD is consolidating the latest uptick below 1.2300 heading into Tuesday’s London open. The pair capitalizes on a broad-based US Dollar weakness ahead of the key UK employment and the US inflation data.
USD/JPY traders witness a lack of direction as the quote grinds higher around 137.70 during the early Tuesday in Europe, after refreshing the multi-day top in the Asian session. The yen pair’s latest inaction could be linked to a lack of major data/events, as well as the cautious mood ahead of the US Consumer Price Index (CPI) for November.
AUD/USD renews its intraday high around 0.6760 as it consolidates the previous day’s heavy losses during early Tuesday. In doing so, the Aussie pair also cheers the US Dollar’s weakness ahead of November’s key US Consumer Price Index (CPI).
NZD/USD picks up bids to print mild gains around 0.6395 during the mid-Asian session on Tuesday. In doing so, the Kiwi pair consolidates the most significant daily loss in a week as traders await the US Consumer Price Index (CPI) for November.
USD/CAD has attempted a recovery after dropping marginally below the crucial support of 1.3620 in the early European session. The Lonnie asset is aiming to conquer the immediate resistance of 1.3640 as the US Dollar Index (DXY) has recovered sharply as the market mood has turned cautious again ahead of the United States inflation and the outcome of the Federal Reserve (Fed) policy.
USD/CHF struggles to extend the previous day’s recovery while taking rounds to 0.9360-50 during early Tuesday. In doing so, the Swiss Franc (CHF) pair portrays the market’s anxiety ahead of the key US Consumer Price Index (CPI), especially when the early signals for the data flash mixed lights.
Oil extended gains on Tuesday as a key pipeline bringing the resource to the United States remained shut, adding to concerns about potential tight supply in the world’s biggest crude consumer.
Gold price is attempting a minor comeback while within a familiar range below the $1,800 mark on Tuesday, as investors look to take profits on the latest US Dollar (USD) upsurge ahead of the all-important United States Consumer Price Index (CPI) data.
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.