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AUD/USD holds higher ground above 0.6450 on risk-on mood
AUD/USD is holding higher ground above 0.6450 in the Asian session on Tuesday. The pair capitalizes on the extended risk-on flows into Asia from Wall Street overnight. Upbeat Australian Composite PMI also supports the Aussie ahead of US PMI data.
USD/JPY: Japanese Yen bounces off multi-decade low against USD, lacks follow-through
The Japanese Yen draws some support from the possibility of a government intervention. The divergent BoJ-Fed expectations and easing Middle East tensions cap the safe-haven JPY. Traders also seem reluctant ahead of the key US macro data and BoJ meeting later this week.
Gold price drops to over two-week low, flirts with $2,300 amid easing Middle East worries
Gold price drifts lower for the second successive day amid receding geopolitical tensions. Reduced Fed rate cut bets continue to underpin the USD and contribute to the downfall. The fundamental backdrop warrants some caution before placing aggressive bearish bets.
Ethereum could see a brief rally, Justin Sun suspected of buying heavily
Ethereum's recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.
After Monday's relief rally, attention shifts to earnings and policy fronts
With the easing of tensions in the Middle East, safe-haven demand reversed course; global stock markets experienced a modicum of relief. Indeed, in a classic relief rally fashion, Monday saw a rebound in the S&P 500, snapping a six-day losing streak.