The US president's attacks on Fed Chair Jay Powell are intensifying. And the dollar is weakening accordingly. The President of the United States is not well versed in conventional forms of politeness. We also know that he prefers a loose monetary policy.
West Texas Intermediate (WTI) Oil price retraces its recent losses from the previous session, trading around $63.30 per barrel during the European hours on Tuesday. The uptick in crude Oil prices came as investors took advantage of Monday’s sharp sell-off to cover short positions.
Gold surged to new record highs as President Trump threatened to fire US Federal Reserve Chair Jerome Powell, sparking a flight to safe-haven assets, ING's commodity experts Ewa Manthey and Warren Patterson note.
The latest round of dollar depreciation has sent EUR/USD through the 1.150 level. Now, there isn’t any other key resistance until 1.20. Picking a top in the pair has proven a frustrating exercise, and Trump’s attack on the Fed is likely extending the confidence crisis on the dollar.
The European Central Bank’s (ECB) Survey of Professional Forecasters showed on Tuesday that inflation in the Eurozone is seen a tad higher at 2.2% this year, compared to the 2.1% forecast seen three months ago.
Indian Rupee (INR) crosses trade with a negative bias at the start of Tuesday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 97.74, with the EUR/INR pair declining from its previous close at 98.10.
AUD/JPY continues to decline for a third consecutive session, hovering near 90.10 during European trading hours on Tuesday. Persistent trade-related uncertainties and geopolitical tensions are bolstering demand for safe-haven assets like the Japanese Yen (JPY), pressuring the cross lower.
NZD/USD extends its winning streak from April 9, trading near the 0.6000 level during early European hours on Tuesday. The pair continues to gain as the US Dollar (USD) weakens under the weight of growing economic and political uncertainty in the United States.
Platinum Group Metals (PGMs) trade with a positive tone at the beginning of Tuesday, according to FXStreet data. Palladium (XPD) changes hands at $947.04 a troy ounce, with the XPD/USD pair advancing from its previous close at $932.87.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, extends its downside to near 98.15, the lowest since March 2022. The USD weakens across the board as fears over the independence of the Federal Reserve (Fed) intensified.
EUR/GBP loses ground after two days of gains, trading around 0.8600 during the Asian hours on Tuesday. The Pound Sterling (GBP) is gaining traction, supported by optimism surrounding ongoing US-UK trade negotiations.
West Texas Intermediate (WTI) Oil price advances on Tuesday, early in the European session. WTI trades at $62.78 per barrel, up from Monday’s close at $62.63.Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $65.74 price posted on Monday, and trading at $65.94.
In its quarterly review of regional economic conditions across the country, the Japanese government maintained its overall economic assessment, warning of increasing downside risks due to US trade policies, per Xinhua News Agency.
The GBP/JPY cross meets with fresh supply following an Asian session uptick to the 188.75 region and turns negative for the second consecutive day on Tuesday.
The EUR/JPY cross attracts some sellers to around 161.65 during the early European session on Tuesday. The Japanese Yen (JPY) strengthens against the Euro (EUR) amid concerns over US President Donald Trump's tariffs and the escalating US-China trade war.
The USD/CAD pair struggles to capitalize on the overnight bounce from the 1.3780 region, or a six-month low, and attracts fresh sellers during the Asian session on Tuesday.
USD/CHF continues to slide for the third consecutive session, trading near 0.8070 during Tuesday's Asian session. The pair remains under pressure as the US Dollar (USD) struggles against a backdrop of escalating economic and political uncertainty in the United States.
Gold price (XAU/USD) retreats from the $3,500 mark, or a fresh all-time peak touched earlier this Tuesday as bulls pause for a breather amid extremely overbought conditions on short-term charts.
EUR/USD extends its gains for the third successive session, trading around 1.1530 during the Asian hours on Tuesday. The technical analysis of the daily chart suggests growing buying pressure and as the pair is moving upwards within an ascending channel pattern.
The Indian Rupee (INR) edges higher on Tuesday after hitting a four-month high in the previous session. The rally in Indian equities could provide some support to the Indian currency.
West Texas Intermediate (WTI) US Crude Oil prices edge higher during the Asian session on Tuesday, though the intraday uptick lacks bullish conviction.
Silver price (XAG/USD) dips slightly during Tuesday’s Asian session, trading around $32.60 per troy ounce, after posting gains in the previous session. The grey metal is under pressure as the US Dollar (USD) regains strength.
The Japanese Yen (JPY) retreats after touching a fresh multi-month high against its American counterpart earlier this Tuesday, with the USD/JPY pair rebounding over 40 pips from levels below the 140.00 psychological mark.
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