Asian Session: Live Market Analysis (Nov 26, 2013)

AUD/USD gains some positive traction following the previous day's late pullback from over a one-week top, though it remains confined in a familiar range amid mixed cues. Trump's tariff turmoil keeps US Dollar bulls on the defensive amid Fed rate cut bets, while supporting the Aussie amid the RBA's hawkish stance. However, the cautious market mood acts as a headwind for the currency pair.

Gold price jumps to around $5,230 during the early Asian session on Tuesday. The rally of the precious metal is bolstered by heightened geopolitical tensions and global trade uncertainty following US tariff decisions. Traders brace for the US January Producer Price Index report on Friday for fresh impetus. 

USD/JPY edges higher during the Asian session on Tuesday and looks to build on the overnight bounce from the 154.00 mark as intervention fears could offer some support to the Japanese Yen. Apart from this, bets that the BoJ will stick to its rate-hike path could limit JPY losses. Apart from this, uncertainty over Trump's tariffs may continue to undermine the US Dollar and contribute to capping the currency pair.

The Solana based decentralized finance platform Step Finance announced it will end all operations effective immediately following a breach that drained its treasury.

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

The US Dollar (USD) recovered most of its intraday losses and trades broadly stable on Monday, after markets digested the Supreme Court’s decision agains United States (US) President Donald Trump's tariffs and his move to impose additional levies over the weekend.