EUR/USD
EUR/USD climbs to fresh yearly highs of 1.1780 on Monday as the Greenback continues to remain battered by the prospects of the approval of the fiscal budget in the United States (US) and the expectation that the Trump administration continues to make progress on trade deals with major trading partners. At the time of writing, the pair trades at 1.1776, up 0.51%.
GBP/USD
GBP/USD continues to knock into multi-year highs above the 1.3700 handle, with the pair keeping afloat on thin intraday volumes on Monday. Greenback flows continue to tilt into the bearish side, keeping Cable price action on rails and limiting the downside.
USD/JPY
USD/JPY recovers from a nearly three-week low, but stays offered below 144.00 in Tuesday’s Asian session. The pair tracks the US Dollar bounce but sellers retain control amid an upbeat Japanese Tankan Manufacturing Report, which lifts BoJ rate hike bets and the Japanese Yen. All eyes are on Ueda and Powell.
AUD/USD
AUD/USD is retreating from a fresh YTD peak of 0.6585 in the Asian session on Tuesday, closing in on 0.6550. A modest US Dollar rebound and a cautious mood offset strong China’s Caixin Manufacturing PMI data for May, weighing on the Aussie. Fed Chair Powell’s speech is next of note.
NZD/USD
NZD/USD edges lower after registering more than 0.50% losses in the previous session, trading around 0.6090 during the Asian hours on Tuesday. The pair remains subdued following the release of the economic data from New Zealand and its close trading partner, China.
USD/CAD
The USD/CAD pair trades with mild losses near 1.3605 during the early Asian session on Tuesday. The Canadian Dollar (CAD) strengthens against the US Dollar as trade negotiations between the United States and Canada resume. Traders will keep an eye on the US June ISM Manufacturing Purchasing Managers Index (PMI) data, which is due later on Tuesday. The Canadian stock market will be closed on Tuesday for Canada Day.
USD/CHF
The Swiss Franc (CHF) surges against the US Dollar (USD) on Monday, trading at almost 14-year highs, near levels last seen in September 2011. At the time of writing, the USD/CHF plummeted to 0.7933, after hitting a multi-year low of 0.7929, down over 0.59%.
CRUDE OIL
Oil prices fell to a three-week low on Tuesday, hitting levels seen prior to the recent Israel-Iran conflict amid pressure from easing supply concerns and expectations of an OPEC+ production hike.
Gold price holds recovery from monthly lows near $3,250 early Tuesday. US Dollar attempts a tepid bounce as markets look to reposition ahead of Powell’s Sintra appearance. Gold price tests key 50-day SMA barrier at $3,320 on the road to recovery, daily RSI stays bearish.
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