EUR/USD
EUR/USD inches higher after five days of losses, trading around 1.1480 during the Asian hours on Tuesday. Traders will likely observe the German Retail Sales and Unemployment data for February due later in the day, along with preliminary Eurozone Harmonized Index of Consumer Prices (HICP) figures for March.
GBP/USD
GBP/USD halts its five-day losing streak, trading around 1.3200 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair moves downwards within the descending channel pattern.
USD/JPY
The USD/JPY pair attracts fresh sellers following a modest Asian session uptick to the 160.00 neighborhood on Tuesday, though it manages to hold above the previous day’s swing low. Spot prices currently trade around the 159.70-159.75 region, unchanged for the day, as traders seem reluctant amid mixed fundamental cues.
AUD/USD
The AUD/USD pair seesaws between tepid gains/minor losses during the Asian session on Tuesday and consolidates its recent losses registered over the past week or so, to its lowest level in over two months, touched the previous day. Spot prices currently trade around mid-0.6800s, nearly unchanged for the day, amid mixed fundamental cues.
NZD/USD
NZD/USD halts its five-day losing streak, trading around 0.5730 during the Asian hours on Tuesday. The pair remains stronger as the New Zealand Dollar (NZD) remains stronger following the release of China’s NBS Purchasing Managers’ Index (PMI) data. Changes in China’s economy can influence the NZD, given the close trade relationship between the two countries.
USD/CAD
USD/CAD trades around 1.3910 on Monday at the time of writing, up 0.12% on the day and extending its winning streak to six consecutive days. The pair is supported by a stronger US Dollar (USD) amid rising geopolitical tensions in the Middle East.
USD/CHF
The USD/CHF pair ticks lower to near 0.7985 during the Asian trading session on Tuesday, struggling to extend its five-day winning streak, as the US Dollar (USD) faces slight selling pressure on reports that United States (US) President Donald Trump is willing to make peace with Iran without forcing the reopening of the Strait of Hormuz.
CRUDE OIL
Iran attacked and set ablaze a fully loaded crude oil tanker off Dubai on Monday, as President Donald Trump warned the U.S. would obliterate Iran’s energy plants and oil wells if it does not open the Strait of Hormuz. Crude oil prices briefly spiked anew after the attack on the tanker, which can carry around 2 million barrels of oil worth more than $200 million at current prices.
Gold (XAU/USD) struggles to find acceptance above the $4,600 mark and trims a part of its strong intraday gains to a one-and-a-half-week high, touched during the Asian session on Tuesday. Reports that US President Donald Trump is willing to wind down the military campaign against Iran, even if the Strait of Hormuz remains largely closed, trigger a corrective pullback in Crude Oil prices. This, in turn, eases inflation concerns and keeps US Treasury bond yields on the back foot, prompting some US Dollar (USD) profit-taking and benefiting the commodity.
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