Pre Loader

18.06.2024 Market Report


EUR/USD recovered to 1.0740 on Tuesday as market sentiment shifts back into rate cut hopes to kick off the new trading week, with investors shrugging off cautionary statements from Federal Reserve (Fed) officials that warned rate cuts may not materialize at a pace investors are happy with.


GBP/USD halted a recent slide on Tuesday, recovering 1.2700 after bottoming out near 1.2660 last week. Broader market sentiment recovered to kick off the new week as investors shrug off cautionary tones from Federal Reserve (Fed) officials to continue hoping for a September rate cut as US economic data softens.


USD/JPY is rising back toward 158.00 in Tuesday’s European morning, reversing BoJ Governor Ueda’s hawkish comments-led drop to 157.50. A tepid US Dollar rebound aids the pair’s upswing. US Retail Sales data eyed. 


AUD/USD is rising toward 0.6650 in early Europe on Tuesday, as traders assess RBA Governor Bullock’s comments at the press conference. Earlier on, the RBA left the key rate unchanged at 4.35%, maintaining a non-committal stance on the interest rate outlook. 


The NZD/USD pair struggles to capitalize on the previous day’s modest rebound from the 0.6100 mark, or a one-week low and trades with a mild negative bias during the Asian session on Tuesday. Spot prices remain confined in a familiar range held over the past month or so and currently hover around the 0.6120 region, down nearly 0.20% for the day amid the emergence of fresh US Dollar (USD) buying.


The USD/CAD pair extends downside around 1.3720 during the early Asian session on Tuesday. The decline of the USD Index (DXY) and the rebound of crude oil prices weigh on the pair. The US Retail Sales and Industrial Production are due later in the day. Also, the Fed Lisa Cook, Thomas Barkin, Adriana Kugler, Lorie Logan, Alberto Musalem, and Austan Goolsbee are set to speak.


The USD/CHF pair recovers strongly from the 0.8900 mark and jumps to near 0.8930 in Tuesday’s early New York session. The Swiss Franc asset strengthens as US Dollar (USD) clings to gains and the uncertainty over the Swiss National Bank’s (SNB) policy outcome.


Oil prices edged down in Asian trade on Tuesday, after posting gains in the previous session, as markets remained cautious about global demand growth prospects amid expectations of stronger supplies.


Gold price edges higher on Tuesday, albeit the uptick lacks any follow-through buying. Signs of easing inflation keep a September Fed rate cut on the table and lend support. A modest USD strength caps the upside for the XAU/USD ahead of the US Retail Sales.

Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.