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اردو
The Mexican Peso remains unchanged against the US Dollar on Tuesday as market participants await the release of Mexicos Fiscal package, which will be delivered to the Mexican Congress for approval. At the time of writing, the USD/MXN trades at 16.91 flatlined.
Gold (XAU/USD) registers losses of over 0.44% on Tuesday amid a light economic docket in the US, due to a narrative dominated by the US-Iran conflict, higher Oil prices and traders bracing for the release of US inflation reports, with the PPI expected on Thursday, followed by the next days CPI.
EUR/GBP rebounds on Tuesday after slipping to a six-day low earlier in the day. The recovery comes as the British Pound (GBP) weakens against most of its major peers following cautious remarks from Bank of England (BoE) Governor Andrew Bailey.
USD/JPY holds just below 154.50, unchanged on the day after a 153-pip round trip. The pair traded well over a Yen lower on the strongest Japanese pay data since 1997 and has bought back all of it. Nothing about the wage number disappointed, and everything about it was already in the price.
USD/CAD rebounds on Tuesday after hitting an intraday low of 1.3760 and trades around 1.3790 at the time of writing, down 0.18% on the day.
EUR/USD holds above 1.1600 after a session that has covered 28 pips and left the pair half a pip from where it opened. European gas hit a three-year high on the same clock, and the European Central Bank (ECB) is expected to raise the deposit rate on Thursday. The pair has priced both at nothing.
GBP/JPYs market structure deteriorated significantly following the rejection from the 217.00–217.70 area. Since then, the pair has developed strong bearish momentum, initially breaking below the weekly support at 211.84 and then losing the key 209.50 level. However, given the strength of the bearish move, I do not consider the simple arrival inside this area sufficient reason to enter a long position. The liquidity resting below the recent lows could attract another bearish extension towards …
DBS Group Research notes that after earlier rupee outperformance driven by intervention and inflows, USD/INR has settled around the mid-94 handle.
The USD/CHF pair flatlines near 0.8090 during the early European trading hours on Tuesday. Traders brace for crucial US Producer Price Index (PPI) and Consumer Price Index (CPI) inflation data later this week.
The Canadian Dollar (CAD) trades higher against the US Dollar (USD) on Tuesday. The USD/CAD pair is down 0.25% to near 1.3780 at the time of writing as the Loonie outperforms due to surging oil prices.
OCBCs Christopher Wong notes EUR/USD is holding near 1.16 as a softer US Dollar (USD) and firmer Euro-area data offset higher Oil prices.
The GBP/USD pair struggles to capitalize on the previous day's modest gains and oscillates in a range below mid-1.3500s during the Asian session on Tuesday. The downside, however, remains cushioned as the US Dollar (USD) selling remains unabated on the back of a broadly firmer Japanese Yen (JPY).
The EUR/USD pair trades on a flat note around 1.1625 during the early European trading hours on Tuesday. Traders prefer to wait on the sidelines ahead of the key US inflation data and the European Central Bank (ECB) interest rate decision later this week.
The GBP/USD pair gains ground to near 1.3545 during the Asian trading hours on Tuesday. The British Pound (GBP) edges higher against the US Dollar (USD) after UK Chancellor John Healey unveiled a series of measures designed to encourage economic growth and draw more private investment into the UK.
West Texas Intermediate (WTI) oil price edges lower and is trading around $90.40 per barrel during Asian hours on Tuesday.
The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
Gold price (XAU/USD) drifts lower to near $4,410 during the early Asian session on Tuesday. The precious metal extends the decline as a stronger-than-expected US Nonfarm Payrolls (NFP) report for August bolsters expectations for a Federal Reserve (Fed) interest rate hike this month.
OCBC‘s Christopher Wong notes that recent Thai Baht (THB) strength may slow as external conditions turn less supportive. Governor Vitai’s comments suggest further rate cuts are unlikely without another shock, tempering easing expectations.
The Aussie Dollar climbed for the fourth straight day, up 0.22% against the US Dollar, amid thin volumes as US financial markets were closed in observance of the Labour Day Holiday. The AUD/USD trades at 0.7218, after bouncing off daily lows of 0.7194.
MUFG‘s Lloyd Chan warns that upcoming US inflation data could test the recent Rupiah recovery, as firmer US inflation may reinforce elevated US yields and challenge USD/IDR’s break below 17,700.