The US Dollar (USD) is trading marginally softer on the session. Trade is relatively quiet on the face of it, with the North American holiday schedule (Memorial Day next Monday) after Canada’s day off yesterday perhaps affecting participation, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is trading lower again after investors share their concerns with the reservations Moody's made during its US credit downgrade.
The Mexican Peso (MXN) is holding firm against the US Dollar (USD) on Tuesday after reaching a fresh year-to-date high in the early hours of the European session as markets turn cautious ahead of Wednesday’s House vote on President Trump’s “One Big Beautiful Bill.”
The USD/JPY pair gauges ground near 144.00 during European trading hours on Tuesday, but is still down 0.2% near 144.50. The pair attracts bids as the US Dollar (USD) rebounds after revisiting the weekly low, which it posted on Monday.
European Central Bank Governing Council member Klaas Knot said on Tuesday that the medium-term inflation outlook is too uncertain to say whether the ECB needs to cut key rates again in June, per Reuters.
USD/MXN has broken below a key consolidation range, forming a bearish rounding top pattern and signaling further downside risks toward multi-month lows, Société Générale's FX analysts note.
GBP/USD remains in an uptrend, consolidating near key resistance at 1.3430, with potential for further gains if this level is breached, Société Générale's FX analysts note.
In addition to the forecasts for Platinum, Metals Focus has also published forecasts for Palladium, Commerzbank's commodity analyst Carsten Fritsch notes.
According to a Reuters report, the EU intends to propose lowering the price cap for Russian Oil from $60 to $50 per barrel at the meeting of G7 finance ministers, Commerzbank's commodity analyst Barbara Lambrecht notes.
US Dollar (USD) is likely to edge higher, but any advance is unlikely to reach the major resistance at 7.2330. In the longer run, downward momentum has largely faded; USD is likely to trade in a 7.1850/7.2450 range for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
In its annual Global Electrical Vehicle Outlook, the International Energy Agency notes an unbroken high growth trend in electric mobility, particularly in China and many emerging markets, Commerzbank's commodity analyst Barbara Lambrecht notes.
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.
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