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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 holds the rebound above $4,300 early Tuesday after hitting three-month lows at $4,269. The US Dollar eases amid doubts over the Mideast truce situation, traders cash in ahead of Wednesday’s US CPI. Downside risks remain intact for Gold whilst below the 200-day SMA and amid bearish daily RSI.
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.
