EUR/USD
The EUR/USD pair trades in positive territory around 1.1590 during the early Asian session on Tuesday. A deal to reopen the Strait of Hormuz spurred a rally in riskier assets such as the Euro (EUR) against the US Dollar (USD). Traders await the US Federal Reserve (Fed) interest rate decision later on Wednesday.
GBP/USD
GBP/USD loses ground after registering minor gains in the previous day, trading around 1.3400 during the Asian hours on Tuesday. The pair inches lower as the US Dollar (USD) receives support from the market caution ahead of further developments regarding US-Iran peace talks.
USD/JPY
USD/JPY depreciates after two days of gains, trading around 160.10 during the Asian hours on Tuesday. The pair remains subdued as the Japanese Yen (JPY) holds ground following the release of the interest rate decision by the Bank of Japan (BoJ).
AUD/USD
AUD/USD pares its recent gains from the previous day, trading around 0.7050 during the Asian hours. The pair remains subdued as the Australian Dollar (AUD) struggles to shake off losses following the Reserve Bank of Australia’s (RBA) latest monetary policy update.
NZD/USD
NZD/USD extends its losses for the third consecutive day, trading around 0.5810 during the Asian hours on Tuesday. The pair depreciates as the US Dollar (USD) holds steady amid broad market caution. Investors remain on the defensive as they await further updates regarding Iran’s unresolved nuclear program.
USD/CAD
USD/CAD remains stronger for the fourth successive day, trading around 1.3990 during the Asian hours on Tuesday. The pair is holding its ground as the US Dollar (USD) stabilizes ahead of further developments regarding US-Iran peace talks. Because neither Washington nor Tehran has released the official text of the agreement, major shipping lines are delaying vessel reroutings through the strategic waterway until full transparency is established.
USD/CHF
USD/CHF gains ground after registering modest losses in the previous day, trading around 0.7950 during the Asian hours on Tuesday. The pair appreciates as the US Dollar (USD) holds steady amid broad market caution. Investors remain on the defensive as they await further updates regarding Iran’s unresolved nuclear program.
CRUDE OIL
Oil prices rebounded on Tuesday on concerns about the lack of details in a preliminary agreement ending the war between the U.S. and Iran and the realization the resumption of supply through the key Strait of Hormuz may take longer than thought.
Gold (XAU/USD) consolidates above $4,300 as investors monitored geopolitical developments and upcoming monetary policy decisions. Uncertainty surrounding the proposed US-Iran peace agreement and renewed tensions in the Middle East continued to support safe-haven demand. At the same time, markets adopted a cautious stance ahead of the upcoming Federal Reserve policy decision. These developments suggest that gold may remain sensitive to both monetary policy signals and geopolitical headlines in the near term.
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