There are no major data releases in the eurozone calendar this week, with the focus on some ECB speakers instead. Today, arch-dove Panetta speaks at an event in Asia.
It was probably only a matter of time before reports began to emerge that Chinese companies were trying to reroute their goods through other Asian countries for export to the US.
The US Dollar Index (DXY), which measures the US Dollar (USD) against a basket of six major currencies, is depreciating after registering gains in the previous session, trading near 99.60 during the European hours on Tuesday.
EUR/USD moves higher to near 1.1360 in Tuesday’s North American session. The major currency pair gains as the US Dollar (USD) slumps ahead of the Federal Reserve’s (Fed) interest rate decision, which will be announced on Wednesday.
Indian Rupee (INR) crosses trade on the front foot at the beginning of Tuesday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 95.65, with the EUR/INR pair rising from its previous close at 95.38.
Platinum Group Metals (PGMs) trade with a positive tone at the beginning of Tuesday, according to FXStreet data. Palladium (XPD) changes hands at $949.65 a troy ounce, with the XPD/USD pair advancing from its previous close at $947.60.
West Texas Intermediate (WTI) Oil price advances on Tuesday, early in the European session. WTI trades at $57.68 per barrel, up from Monday’s close at $57.00.
The USD/CHF pair struggles to capitalize on a modest Asian session uptick and is currently placed near the lower boundary of its daily range amid subdued US Dollar (USD) price action.
The GBP/USD pair attempts to maintain its position after registering gains in the previous session, trading around 1.3300 during the Asian trading hours on Tuesday.
The EUR/USD pair reverses an Asian session tip to the 1.1280-1.1275 region on Tuesday and climbs a fresh daily high in the last hour, though it lacks strong follow-through buying.
The Japanese Yen (JPY) attracts fresh buyers following an intraday dip and turns higher against its American counterpart for the third successive day on Tuesday amid a combination of supporting factors.
Silver price (XAG/USD) extends its gains for the second successive session, trading around $33.10 per troy ounce during the Asian hours on Tuesday. The prices of the precious metals, including Silver, rose as President Donald Trump's new tariff threat spurred demand for safe-haven assets.
NZD/USD is retreating around 0.5960 during Tuesday’s Asian session after two consecutive days of gains. The pullback follows a decline in the New Zealand Dollar (NZD), pressured by disappointing Chinese economic data.
The Indian Rupee (INR) edges lower against the US Dollar (USD) during the Asian hours on Tuesday. However, the USD/INR pair may continue to encounter resistance as the INR gains support from certain market factors.
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