EUR/USD s gauging a cushion near the 1.0700 mark in the early European morning. The pair has corrected from near 1.0740 after exhaustion in the upside momentum. The major is likely to remain on the tenterhooks ahead of the US inflation data.
GBP/USD is keeping losses under the 1.2200 level in early Europe. Investors turn cautious and flock to safety in the US Dollar ahead of the all-important US CPI data. The UK employment data remains in immediate focus for Cable traders.
USD/JPY rebounded after hitting the monthly low of 132.34. The short covering just comes ahead of the US Consumer Price Index (CPI) release. The corrective downfall in USD/JPY was started earlier this week on the back of falling US Treasury bond yields.
AUD/USD hits the ceiling on a descending trendline after a rebound from the four-month low at 0.6564. The sharp rebounds came on Monday upon the US Dollar’s weakness. Receding bets for a 50-bps Federal Reserve (Fed) rate hike have prompted AUD/USD to surge higher, although the downside bias is likely to remain intact, in a risk-averse environment led by SVB fallout.
The NZD/USD pair has extended its correction below 0.6220 in the Asian session. The Kiwi asset is expected to display sheer volatility ahead as investors are getting anxious ahead of the release of the United States Consumer Price Index (CPI) data.
The USD/CAD pair is facing barricades while extending its recovery above the 1.3740 mark in the early European session. A sideways performance is expected from the Loonie asset till the release of the United States Consumer Price Index (CPI) data. Earlier, the asset rebounded after a five-day low of 1.3677 as investors got anxious ahead of the US inflation release and improved appeal for safe-haven assets.
USD/CHF seesaws around intraday high during the first positive day in five heading into Tuesday’s European session. In doing so, the Swiss Franc (CHF) pair traces the US Dollar’s latest corrective bounce amid a recovery in the US Treasury bond yields ahead of the Consumer Price Index (CPI) data. It should be noted, however, that the recently downbeat market concerns surrounding the Federal Reserve (Fed) seem to test the buyers ahead of the key US data.
Oil prices fell below key levels on Tuesday and were nursing heavy losses from the past session as ructions in the U.S. banking sector brewed increased concerns over a potential economic crisis, with focus now turning to more cues from inflation data due later in the day.
Gold price is seeing a pullback from six-week highs of $1,915 early Tuesday, pausing a three-day recovery rally. Gold’s bullish traders take a pause amid a rebound in the United States Dollar (USD) and the US Treasury yields ahead of the critical US Consumer Price Index (CPI) data release.
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