EUR/USD
EUR/USD holds gains after registering more than three-quarters of a percent in the previous session, trading around 1.1630 during the Asian hours on Tuesday. The pair holds ground as the US Dollar faces challenges amid concerns over Federal Reserve independence after the US President Donald Trump threatened to remove Fed Governor Lisa Cook.
GBP/USD
The GBP/USD pair edges lower to near 1.3450 during the early European session on Tuesday. The potential downside for the major pair might be limited after US President Donald Trump announced he was firing a Federal Reserve Governor, Lisa Cook. This, in turn, might raise concerns over the Fed’s independence and undermine the US Dollar in the near term.
USD/JPY
USD/JPY retraces its recent gains registered in the previous session, trading around 147.30 during the Asian hours on Tuesday. The pair depreciates as the US Dollar (USD) faces challenges amid concerns over Federal Reserve (Fed) independence after the US President Donald Trump threatened to remove Fed Governor Lisa Cook.
AUD/USD
The Australian Dollar (AUD) depreciates against the US Dollar (USD) on Tuesday, extending its losses for the second successive session. The AUD/USD pair remains subdued as US President Donald Trump warned that he may impose a 200% tariff on Chinese goods if China refuses to supply magnets to the United States (US), per Reuters. It is worth noting that any change in the Chinese economy could influence AUD as China and Australia are close trading partners.
NZD/USD
The NZD/USD pair gains ground to near 0.5860 during the early Asian session on Tuesday. The US Dollar (USD) weakens against the New Zealand Dollar (NZD) amid concerns over Federal Reserve (Fed) independence after the report that US President Donald Trump says he is removing Fed Governor Lisa Cook.
USD/CAD
The USD/CAD pair trades with caution around 1.3850 against the US Dollar (USD) on Tuesday. The Loonie pair faces slight selling pressure as United States (US) President Donald Trump has fired Federal Reserve (Fed) Governor Lisa Cook over mortgage allegations.
USD/CHF
USD/CHF advances for the first time of the week, up by over 0.20%, trading at 0.8059 as the Greenback recovers following last Friday’s plunge, as probabilities for a Fed rate cut settled at around 86%. The Fed’s dovish tilt by its Chairman, Jerome Powell, provided certainty for investors, who were uneasy amidst a changing scenario.
CRUDE OIL
Oil prices edged down on Tuesday, after surging nearly 2% in the previous session, as traders closely monitored developments in the Russia-Ukraine conflict for potential disruptions to regional fuel supplies.
Gold pops as concerns over the Fed’s independence resurface after Trump fired Governor Cook. US Dollar attempts a tepid recovery, tracking US Treasury yields rebound but sellers will likely retain control. Technically, Gold stays supported whilst above $3,350 amid daily bullish RSI.
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