EUR/USD
The EUR/USD pair edges higher for the second consecutive day on Tuesday, though it lacks follow-through buying and remains confined in the previous day’s broader range. Spot prices currently trade around the 1.1525-1.1530 region, up less than 0.10% for the day.
GBP/USD
GBP/USD loses ground after three days of gains, trading around 1.3100 during the Asian hours on Tuesday. The Pound Sterling (GBP) came under pressure as UK 10-year Gilt yields edged lower to 4.54%, with investors awaiting the November 26 budget. Finance Minister Rachel Reeves is expected to find tens of billions of pounds to meet fiscal rules, while the OBR is set to downgrade growth and productivity forecasts.
USD/JPY
The USD/JPY pair edges higher to around 156.85 during the early Asian session on Tuesday. Fiscal concerns and the Bank of Japan (BoJ) rate hike uncertainty exert some selling pressure on the Japanese Yen (JPY) against the US Dollar (USD). Later on Tuesday, the US ADP Employment Change Weekly, Retail Sales, and Producer Price reports will be in the spotlight.
AUD/USD
The Australian Dollar (AUD) moves little against the US Dollar (USD) on Tuesday after two days of gains. Traders await Australia’s first “complete” monthly CPI due on Wednesday for October to gain further impetus regarding the Reserve Bank of Australia (RBA) monetary policy.
NZD/USD
The NZD/USD pair attracts some sellers to around 0.5600 during the early European session on Tuesday. The New Zealand Dollar (NZD) weakens the US Dollar (USD) on the prospect of the Reserve Bank of New Zealand (RBNZ) rate cut on Wednesday. Traders brace for the release of the US ADP Employment Change Weekly, Retail Sales, and Producer Price reports, which will be published later on Tuesday.
USD/CAD
USD/CAD steadies after registering gains in the previous session, trading around 1.4110 during the Asian hours on Tuesday. The pair may depreciate as the US Dollar (USD) retreats as growing expectations of a Federal Reserve (Fed) rate cut in December intensify, driven by recent dovish remarks from Fed policymakers.
USD/CHF
The USD/CHF pair attracts some dip-buying during the Asian session on Tuesday and currently trades just below the 0.8100 mark, or a nearly three-week high touched the previous day. The mixed fundamental backdrop, however, warrants some caution before positioning for an extension of a nearly two-week-old uptrend from the 0.7880-0.7875 region.
CRUDE OIL
West Texas Intermediate (WTI) Oil price falls on Tuesday, early in the European session. WTI trades at $58.45 per barrel, down from Monday’s close at $58.89.
Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $62.37 after its previous daily close at $62.86.
Gold (XAU/USD) struggles to capitalize on a modest intraday uptick to a one-and-a-half-week top, though it sticks to a mildly positive tone heading into the European session on Tuesday. Traders ramped up their bets for another interest rate cut by the US Federal Reserve (Fed) in December following the recent comments from influential FOMC members, which continues to act as a tailwind for the non-yielding yellow metal. Apart from this, persistent geopolitical uncertainties stemming from the intensifying Russia-Ukraine war and fresh conflicts in the Middle East turn out to be another factor benefiting the safe-haven commodity.
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