Summary
Clinton clashed with Trump in the much-anticipated presidential debate and seemed to have had the upper hand. While new polls are still awaited, there is somewhat more calm in markets. However, falling oil prices, worries about banks and other reasons still loom. USD/JPY is still close to 100 while EUR/USD has woken up. Fears of a hard Brexit still hurt the pound. Among commodity currencies, the Australian dollar is making a comeback. Draghi and Yellen are eyed.
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AUD/USD meets support near 0.6950
AUD/USD retreats for the second straight day on Tuesday, this time breaking below the 0.7000 level to hit new four-week troughs. The intense sell-off in the Aussie comes in response the continuation of the move higher in the Greenback, helped by robust safe haven demand amid geopolitical crisis.
EUR/USD looks to regain the 200-day SMA
EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis
Gold bounces off lows, back above $5,100
Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.
XRP risks extending losses as US-Iran war rages on
Ripple (XRP) has come under pressure, drifting lower to $1.35 at the time of writing on Tuesday. The over 2% correction looks poised to erase the previous day’s gains, which lifted the remittance token to $1.42.
Energy shock 2.0: Why rising Gas prices could hit the Euro Premium
Even without a confirmed, sustained disruption, the mere risk to a key global energy chokepoint is enough to inject a significant premium into European Gas markets. And for the Euro, that matters.
Here is what you need to know on Wednesday, March 4:
The US Dollar (USD) is drawing safe-haven support amid sharply escalating tensions in the Middle East, prompting renewed investor concern.