EUR/USD
The EUR/USD pair ticks marginally lower around 1.1530 during the Asian trading session on Tuesday, but is broadly sideways, wobbling inside Monday’s trading range. The major currency pair consolidates while investors await Iran’s final decision on the ceasefire proposal by the United States, which has a deadline of Tuesday, 08:00 PM ET.
GBP/USD
GBP/USD traded flat on Monday, settling close to 1.3240 in a thin session with the UK on Easter Monday holiday. The pair bounced modestly from last week’s low near 1.3180, which marked the weakest level since mid-March, but the recovery has so far been shallow. Price remains in a broader downtrend from the late January high around 1.3870, with sellers capping rallies toward the 1.3300 area in recent sessions.
USD/JPY
The USD/JPY pair touches a one-week high during the Asian session on Tuesday, though it lacks follow-through and remains below the 160.00 psychological mark amid mixed fundamental cues.
AUD/USD
The Australian Dollar rallied by over 0.50% amid an improvement in risk appetite, though gains were capped by Iran’s rejection of a ceasefire deal, pushing traders to trim long positions in the AUD/USD pair. At the time of writing, the pair trades at 0.6918, still above its opening price.
NZD/USD
The NZD/USD pair attracts some sellers to around 0.5700 during the Asian trading hours on Tuesday. The US Dollar (USD) strengthens against the New Zealand Dollar (NZD) as heightened uncertainty in the Middle East boosts demand for a safe-haven currency.
USD/CAD
The Canadian Dollar (CAD) gains traction against the US Dollar (USD) on Monday as traders react to evolving geopolitical developments in the US-Iran war. At the time of writing, USD/CAD is trading around 1.3921, hovering near four-month highs.
USD/CHF
USD/CHF failed to clear key resistance at 0.8000 on Monday, recoiling to the 0.7900 handle as a double-top chart pattern looms. At the time of writing, the pair trades at 0.7979, down 0.18%.
CRUDE OIL
U.S. crude futures rose more than $1 on Tuesday as U.S. President Donald Trump heightened his rhetoric against Iran, threatening stronger action if the country fails to reopen the critical Strait of Hormuz.
Gold (XAU/USD) extends its sideways consolidative price move for the second straight day and trades in the previous day’s broader range through the Asian session on Tuesday. The near-term bias, however, seems tilted in favor of bearish traders amid the emergence of some US Dollar (USD) buying and hawkish central bank expectations. Hopes for a last-minute agreement between the US and Iran are fading ahead of President Donald Trump’s Tuesday evening deadline to reopen the Strait of Hormuz. This benefits the USD’s global reserve currency status and could act as a headwind for the commodity. Furthermore, bets for higher interest rates globally could further weigh on the non-yielding yellow metal and validate the negative outlook.
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