EUR/USD
EUR/USD extends its winning streak for the third successive session, closing in on 1.1800 in the early European trading hours on Tuesday. The pair gains as the US Dollar continues to face challenges due to increased bets for aggressive Fed rate cuts, with the focus shifting to the US preliminary NFP Benchmark Revision.
GBP/USD
GBP/USD gathers strength toward 1.3600, sitting at the highest since August 15 in the early European session on Tuesday. The US Dollar weakens across the board as weaker US jobs data shore up the case for deeper Federal Reserve interest rate cuts, lifting the major. US NFP Benchmark Revision is next in focus.
USD/JPY
The Japanese Yen (JPY) builds on its steady intraday ascent against a broadly weaker US Dollar (USD) and drags the USD/JPY pair to the 147.00 mark during the Asian session on Tuesday. US President Donald Trump signed an executive order last Thursday to lower the Japanese auto import tariff. Adding to this, an upward revision of Japan’s Q2 GDP growth figures, along with a rise in household spending and positive real wages, backs the case for an imminent interest rate hike by the Bank of Japan (BoJ). This, in turn, is seen as a key factor that continues to underpin the JPY.
AUD/USD
The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Tuesday for the third successive session. The AUD/USD pair appreciates following Westpac Consumer Confidence, which declined 3.1% to 95.4 in September from 98.5 in August. The drop reflected renewed concern about the economic outlook. Focus shifts toward the US Nonfarm Payrolls Benchmark Revision due later in the day.
NZD/USD
The NZD/USD pair extends the rally to near 0.5950 during the early Asian session on Tuesday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) due to rising expectations of a jumbo rate cut by the US Federal Reserve (Fed). Traders will keep an eye on the US August Producer Price Index (PPI) report, which is due later on Wednesday.
USD/CAD
The USD/CAD pair attracts some dip-buyers during the Asian session on Tuesday, though it lacks follow-through amid mixed fundamental cues. Spot prices, however, manage to hold comfortably above the 100-day Simple Moving Average (SMA) and stick to modest gains above the 1.3800 round figure.
USD/CHF
The US Dollar trades lower for the second consecutive day against the Swiss Franc on Monday. The soft Payrolls report seen on Friday keeps weighing on the US Dollar, as investors ramp up their bets for Federal Reserve rate cuts in the coming months.
CRUDE OIL
Oil prices gained on Tuesday after OPEC+ decided to increase production by less than what market participants had anticipated, while concerns over tighter supply due to potential new sanctions on Russia continued to lend support.
Gold has finally taken a breather in the European morning on Tuesday, reversing from record highs of $3,660 amid overbought conditions and ahead of the NFP Benchmark Revision. Fed rate cut bets continue to undermine the US Dollar, keeping the downside cushioned in the non-yielding commodity.
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