The EUR/USD pair attracted some buying near the 1.0845 region, or the lowest level since April 10 touched on Monday and stalled its recent pullback from the vicinity of the 1.1100 mark, or over a one-year high set earlier this month.
GBP/USD declines below 1.2500 in the European morning on Tuesday. The data from the UK showed that the ILO Unemployment Rate edged higher to 3.9% in March. In the same period, wage inflation including bonus was 5.8%, matching the previous reading.
The USD/JPY pair has slipped below the crucial mark of 136.00 in the Tokyo session. The asset is expected to remain on tenterhooks as investors are waiting for the US borrowing cap negotiations between the White House and congressional Republicans.
The AUD/USD pair has dropped below the 0.6700 mark amid the release of the Reserve Bank of Australia (RBA) minutes for May’s monetary policy meeting. RBA minutes indicate that it went for a rate hike due to a higher inflation outlook. More rate hikes were required due to inflation risks from weak productivity growth, persistently high services inflation, and faster-than-forecast rental increases.
The NZD/USD pair has dropped below 0.6250 as the National Bureau of Statistics of China has reported weaker-than-anticipated annual Retail Sales (April) data. The economic data expanded at a slower pace at 18.4% than the forecast of 21.0% but higher than the prior release of 10.6%.
USD/CAD treads water around 1.3470 heading into Tuesday’s European session, following a downbeat start of the week. In doing so, the Loonie pair aptly portrays the trader’s cautious mood ahead of top-tier US and Canadian data/events amid mixed sentiment.
USD/CHF remains pressured near 0.8950 and prints minor losses while reversing from the intraday high during a two-day downtrend to early Tuesday. In doing so, the Swiss Franc (CHF) pair cheers the US Dollar’s downbeat performance amid the market’s cautious mood ahead of the key data and events.
Oil prices rose in Asian trade on Tuesday, extending gains from the prior session as the U.S. government confirmed plans to begin refilling its heavily-drawn on Strategic Petroleum Reserve (SPR), which sent a buy signal to markets.
Gold price is consolidating the previous rebound near $2,020 early Tuesday, having kicked off the week on the right footing. The United States Dollar (USD) is licking its wounds after correcting sharply from five-week highs on Monday.
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