EUR/USD
The EUR/USD pair loses momentum to near 1.1580 during the early European session on Tuesday. The Euro (EUR) weakens against the Greenback as escalating geopolitical tensions in the Middle East drive traders toward a safe-haven currency.
GBP/USD
GBP/USD rallied about 0.5% on Monday, recovering from an early dip near 1.3260 to trade around 1.3430 by the end of the session. The wide-range day left a long lower wick, suggesting fresh demand emerged below the 1.3300 handle as the pair extended its recovery from the mid-March low close to 1.3240. Price is now consolidating just below the session high near 1.3480.
USD/JPY
The USD/JPY pair attracts some follow-through buying for the second straight day and climbs to mid-159.00s during the Asian session on Monday. Spot prices remain close to the highest level since July 2024, touched last week, though intervention fears might cap further gains.
AUD/USD
The Australian Dollar (AUD) trades lower against its major currency peers, trading 0.6% down to near 0.6760 during the Asian trading session on Tuesday. The antipodean has come under pressure as remarks from Iran that they are not involved in any peace talks with the United States (US), which were contrary to comments from President Donald Trump, have revived the risk-aversion mood.
NZD/USD
NZD/USD has pared its recent gains from the previous day, trading around 0.5830 during the Asian session on Tuesday. The pair depreciates as the US Dollar (USD) gains on increased risk aversion after the Israeli military said it had launched a fresh wave of strikes on Tehran.
USD/CAD
The USD/CAD pair trades 0.25% higher to near 1.3760 during the early European session on Tuesday, the highest level seen in almost two months. The Loonie pair gains as the US Dollar (USD) bounces back after Iran dismissed the announcement by United States (US) President Donald Trump, claiming talks regarding the de-escalation of the war in the Middle East.
USD/CHF
USD/CHF has recovered its recent losses from the previous day, trading around 0.7880 during the Asian session on Tuesday. The pair gains ground as the US Dollar (USD) receives support amid rising geopolitical tensions.
CRUDE OIL
U.S. crude futures rose more than $1 in early Asia trade on Tuesday as markets assessed the supply outlook after Iran denied holding talks with the United States, contradicting President Donald Trump’s earlier claim that discussions were under way.
Gold (XAU/USD) recovers a major part of intraday losses and climbs closer to the $4,400 mark heading into the European session on Tuesday, though any meaningful recovery still seems elusive. The Iran war continues to fuel inflation fears, curbing bets for interest rate cuts, and could act as a headwind for the non-yielding yellow metal. Furthermore, the emergence of some US Dollar (USD) buying might further contribute to capping the upside for the commodity.
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