EUR/USD keeps its bearish momentum intact while consolidating below 1.0600 in early Europe on Tuesday. The pair remains undermined by the ongoing uptrend in the US Dollar alongside the US Treasury bond yields on the Fed’s higher for-longer rate view.
The GBP/USD pair remains under selling pressure and trades in negative territory for the fourth consecutive week during the early European session on Tuesday. The major pair trades near 1.2203, losing 0.07% on the day.
USD/JPY trades near 148.90 close to an 11-month high during the Asian session on Tuesday. The US Dollar (USD) continues to strengthen, partly due to cautious market sentiment and higher US Treasury yields.
The AUD/USD pair attracts some dip-buying in the vicinity of the 0.6400 round-figure mark during the Asian session on Tuesday and touches a fresh daily high in the last hour. Spot prices currently trade around the 0.6425 regio, up less than 0.10% for the day, and remain confined in a familiar range held over the past two weeks or so.
The NZD/USD is seeing some consolidation in the short term after slipping from the last swing high into 0.5985. The Kiwi (NZD) has recovered 2% against the US Dollar (USD) from September’s lows near 0.5850, but remains firmly bearish, down over 7% from July’s peak near the 0.6400 handle.
The USD/CAD pair oscillates in a narrow range during the early Asian session on Tuesday. The weakening of the Loonie is weighed by the downtick in oil prices while the higher for longer narrative in the US lifts the US Dollar (USD) across the board. As of writing, USD/CAD is trading around 1.3457, gaining 0.02% on the day.
The USD/CHF pair consolidates its recent strong gains to the highest level since late May touched the previous day and oscillates in a narrow band during the Asian session on Tuesday. Spot prices currently trade around the 0.9125 region and seem poised to prolong a two-month-old upward trajectory.
Oil prices fell slightly in Asian trade on Tuesday amid growing fears that higher-for-longer U.S. interest rates will weigh on demand, while renewed concerns over China’s economy also dented sentiment.
Gold price prolongs its descending trend witnessed over the past week or so and weakens further below the $1,915 level, hitting over a one-week low on Tuesday. The US Dollar (USD) stands tall near its highest level since December 2022 touched on Monday and continues to undermine the XAU/USD.
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