The EUR/USD pair is approaching swiftly towards the 1.0900 mar in the Asian session. The major currency pair has extended its rally above 1.0880 as investors have digested the expectations of one more 25 bps rate hike from the Federal Reserve (Fed).
The GBP/USD pair gains some positive traction during the Asian session on Tuesday and snaps a four-day losing streak to over a one-week low, around the 1.2345 region touched the previous day.
Most Asian currencies rose slightly on Tuesday, while the dollar was somewhat mixed ahead of more cues on the U.S. economy and monetary policy from key inflation data due later this week. The Japanese yen rose 0.2% as improving sentiment dented the currency’s safe haven appeal. A dovish near-term outlook for Japanese monetary policy also kept appetite for the yen limited.
AUD/USD bulls are back in motion, after a week-long absence, as upbeat Aussie catalysts surrounding foreign trade and sentiment underpin the quote’s latest recovery from a three-week low to 0.6670 heading into Tuesday’s European session. Not only the price-positive factors surrounding Australia but the overall improvement in the risk appetite also favors the quote’s latest rebound.
NZD/USD takes offers to refresh intraday low near 0.6210 on downbeat China inflation data, published early Tuesday. Adding strength to the Kiwi pair’s pullback moves could be the hawkish Fed bets and the return of full markets.
USD/CAD drops to 1.3490 as it renews its intraday low during early Tuesday, extending the previous day’s pullback from a seven-day high. In doing so, the Loonie pair justifies the US Dollar’s pullback amid mildly positive sentiment. Adding strength to the USD/CAD fall could be the recent recovery in WTI crude oil prices, as well as the Canadian Dollar’s (CAD) preparations for Wednesday’s Bank of Canada (BoC) Monetary Policy announcements.
USD/CHF retreats to 0.9090 during early Tuesday, snapping a two-day uptrend, as bulls turn cautious on full markets’ return after Good Friday and Easter Monday holidays. Also acting as an upside barrier for the Swiss Franc pair are the fresh doubts on the Federal Reserve’s (Fed) May month rate hikes.
Oil prices rose on Tuesday as signs of a growing rebound in Chinese travel demand pushed up hopes of increased crude consumption this year, although anticipation of more cues on the U.S. economy this week kept broader gains limited.
Gold price has taken its recovery to near the $2,000.00 mark in the Asian session. The precious metal has regained traction as investors have ignored hawkish Federal Reserve (Fed) bets fueled after the release of United States Employment data last week.
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