EUR/USD is seeing fresh selling, dropping toward 1.0750 in the European morning on Tuesday. The pair is weighed down by a modest US Dollar uptick, as investors stay cautious amid China’s economic woes. EU PPI and US Factory Orders are next of note.
GBP/USD justifies the Cable traders’ indecision amid mixed catalysts while making rounds to 1.2630 heading into Tuesday’s London open. Apart from the unclear signals, the cautious mood ahead of the key US and UK data also prods the Pound Sterling moves of late.
USD/JPY continues the winning streak that started on Friday, trading around 146.60 during the Asian session on Tuesday. The pair is experiencing upward support despite the market caution after the modest employment data from the United States (US) as the likelihood of no interest rate adjustment by the US Federal Reserve (Fed) in the September meeting.
AUD/USD stands on slippery grounds as it refreshes the weekly low around 0.6395 during early Tuesday in Europe. In doing so, the Aussie pair justifies the Reserve Bank of Australia’s (RBA) inaction, as well as a cautious view about the economic growth and inflation conditions.
The NZD/USD pair trades sideways below the crucial 0.6000 barrier during the early Asian session on Tuesday. The US Dollar (USD) posts modest losses near a monthly high of around 104.10 on a quiet session as Wall Street closed for Labor Day. The pair currently trades around 0.5943, gaining 0.05% on the day.
The USD/CAD pair consolidates its losses below the 1.3600 mark during the early Asian trading hours on Tuesday. The major pair currently trades near 1.3595, up 0.03% for the day. The pair’s move is limited following the US and Canada Labor Day holiday. Investors await the Bank of Canada (BoC) interest rate decision and markets anticipate an unchanged in policy.
USD/CHF renews its intraday high around 0.8855 while reversing the week-start losses amid early Tuesday morning in Europe. In doing so, the Swiss Franc (CHF) pair takes clues from the US Dollar recovery, as well as the previous day’s downside Swiss Gross Domestic Product (GDP) for the second quarter (Q2) of 2023.
Oil prices fell slightly from their strongest levels for the year on Tuesday as markets waited on Russia and the OPEC+ to outline more production cuts, while focus also remained on more Chinese cues this week.
Gold price is trading on the back foot below $1,950 early Tuesday, although remains within Friday’s trading range. The United States Dollar (USD) has entered a phase of bullish consolidation amid higher US Treasury bond yields and ahead of mid-tier US economic data.
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