Gold Surprisingly Correlated With the US Dollar

EUR/USD keeps the bid tone in place toward the end of the NA session on Tuesday, trading well north of the 1.1700 barrier on the back of the intense decline in the US Dollar, all amid the resurgence of the “Sell America” trade. Moving forward, investors’ attention will be on the release of US PCE data on Wednesday.

GBP/USD is extending its winning streak into a second session, now surrendering some gains and receding toward the 1.3460 area on Tuesday. Cable’s rebound remains propped up by the persistent selling pressure on the Greenback, while the British Pound appears, for now, largely unfazed by the mixed signals from the UK labour market.

Gold builds on Monday's gains and hits a new record high around $4,760 per troy ounce on Tuesday. Escalating geopolitical tensions and growing fears of deepening trade conflicts, alongside the broad-based selling pressure surrounding the US Dollar continue to fuel the yellow metal’s rally.

Ethereum's recent surge in network activity can be traced to increased address poisoning attacks following a decline in gas fees, according to onchain researcher Andrey Sergeenkov.

Over the weekend, President Trump threatened a new round of tariffs on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the UK, with reporting flagging 10% from February 1 and a possible step-up later.

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices are extending their losses on Tuesday as risk-on sentiment fades amid rising geopolitical tensions over Greenland.