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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
AUD/USD is holding the bounce from two-month lows, retesting 0.7050 in the Asian session on Tuesday. Easing tensions in the Middle East keep the US Dollar on the defensive, supporting the pair amid China's trade surplus expansion in May.
USD/JPY holds steady above 160.00 during the Asian session on Tuesday as expectations that authorities will step in again to prop up the Japanese Yen hold back bulls from placing fresh bets. Moreover, a de-escalation of tensions between Israel and Iran undermines the safe-haven US Dollar, capping the currency pair. Traders also seem hesitant and opt to wait for the release of the latest US inflation figures on Wednesday and Thursday.
Gold extends its sideways consolidative price move through the Asian session, and remains close to the lowest level since March 23, around the $4,268-$4,267 region touched the previous day. The US Dollar retreated from an over two-month high after Iran and Israel said on Monday they had halted attacks on each other following an appeal from US President Donald Trump.
Ripple and Stellar remain under pressure on Tuesday after a mild recovery following a massive correction in the previous week. Weakening derivatives positioning, alongside mixed on-chain data for both XRP and XLM, suggests that any recovery rallies are likely viewed as corrective within a broader bearish context. Derivatives data shows a bearish tilt.
Investors sought safety toward the US dollar after the latest NFP report triggered risk-off trading across the markets. The US Dollar Index which tracks the dollar strength against a basket currencies recorded one of it’s best weeks in recent times.
More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.
