China's refineries appear to have used the recent low Oil prices primarily to increase their inventories, Commerzbank's commodity analyst Carsten Fritsch notes.
The Reserve Bank of Australia (RBA) has decided to continue its cycle of interest rate cuts, lowering its key interest rate by another 25 basis points to 3.85% this morning, Commerzbank's FX analyst Antje Praefcke notes.
New Zealand Dollar (NZD) is likely to trade in a 0.5900/0.5950 range vs US Dollar (USD). In the longer run, outlook remains mixed, but NZD is likely to trade in a tighter range of 0.5835/0.5985, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Readily available Aluminium inventories in London Metal Exchange (LME) warehouses jumped by 92,950 tonnes to 343,025 tonnes yesterday. It’s the biggest tonnage increase since May 2024.
Australian Dollar (AUD) could continue to rise vs US Dollar (USD), but any advance is unlikely to reach 0.6515; there is another resistance level at 0.6475.
FX markets have started the week in quiet fashion. US President Donald Trump's two-hour call with Russian President Vladimir Putin appears to have yielded few results and left European leaders with the view that they're on their own in support of Ukraine.
US natural Gas prices slumped to a multi-week low as robust storage builds and mild weather forecasts dampened demand expectations, ING's commodity experts Ewa Manthey and Warren Patterson note.
You have to look long and hard to find any arguments in favor of the dollar at the moment. And I fear that, in all the turmoil, another structurally negative constellation could ultimately emerge, one that the 'old hands' among us in the market probably still remember: the US twin deficit.
The AUD/JPY cross comes under renewed selling pressure following the previous day's modest uptick and drops to a nearly two-week low during the first half of the European session on Tuesday.
Gold (XAU/USD) price trades around $3,240 on Tuesday at the time of writing, after reversing an earlier slide lower where several Federal Reserve (Fed) officials on Monday, commented on the US credit rating downgrade by rating agency Moody’s. Federal Reserve Bank of Atlanta President Raphael Bosti
Silver price (XAG/USD) seems to extend its losses for the third successive session, trading around $32.30 per troy ounce during the European hours on Tuesday.
The Oil market eked out a small gain yesterday, with ICE Brent holding above US$65/bbl. The scheduled call between President Trump and President Putin doesn’t appear to have led to any significant breakthroughs. Trump said that Russia and Ukraine would begin talks on ending the war.
Chance for Euro (EUR) to retest the 1.1290 level against the US Dollar (USD) before a more sustained pullback is likely; a clear break above this level is unlikely.
AUD/USD briefly sold off around 0.3% on the Reserve Bank of Australia's decision to cut rates 25bp today to 3.85%, ING's FX analyst Chris Turner notes.
The Pound Sterling (GBP) surrenders initial gains and flattens around 1.3365 against the US Dollar (USD) during North American trading hours on Tuesday. The GBP/USD pair turns flat as the US Dollar recoups early losses, with the US Dollar Index (DXY) gaining ground near 100.00.
Canada’s inflation edged lower in April, with the Consumer Price Index (CPI) rising 1.7% from a year earlier, down from March’s 2.3% gain and above previous estimates, Statistics Canada reported. On a monthly basis, the headline CPI contracted by 0.1%, down from the previous month’s 0.3% advance.
The NZD/USD pair halts its two-day winning streak, trading around 0.5930 during the European hours on Tuesday. Daily chart technicals suggest a neutral outlook, with the pair remaining confined within a consolidation rectangle.
West Texas Intermediate (WTI) Oil price is trading around $62.00 per barrel during the early European session on Tuesday, retreating after two consecutive days of gains. The pullback comes as markets evaluate the possible effects of a Russia-Ukraine ceasefire on global Oil supply.
The USD/CHF pair remains under selling pressure around 0.8335 during the early European session on Tuesday. The rising bets that the Federal Reserve (Fed) will lower borrowing costs further this year weigh on the Greenback against the Swiss Franc.
The USD/CAD pair extends its sideways consolidative price move heading into the European session on Tuesday and currently trades around mid-1.3900s, nearly unchanged for the day. Moreover, the mixed fundamental backdrop warrants some caution before placing aggressive directional bets.
West Texas Intermediate (WTI) Oil price falls on Tuesday, early in the European session. WTI trades at $61.85 per barrel, down from Monday’s close at $62.09.
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