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FXStreet Team
FXStreet
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.
The GBP/USD pair trades with mild losses around 1.3550 during the early Asian trading hours. The US Dollar edges higher against the British Pound amid ongoing Middle East tensions and Federal Reserve Chair Kevin Warsh's hawkish remarks at the Jackson Hole symposium.
The EUR/USD pair struggles to capitalize on the overnight bounce from the 100-day SMA, near the 1.1575-1.1580 region, or a one-and-a-half-week low, and drifts lower during the Asian session on Tuesday. Spot prices currently trade around the 1.1600 mark, down nearly 0.10% for the day, amid modest US Dollar strength as traders now look to the preliminary reading of the Eurozone Harmonized Index of Consumer Prices (HICP).
Gold fades Monday’s rebound from eight-day lows, reverting toward $4,400 early Tuesday. US Dollar bounces sharply amid US-Iran tensions-led risk aversion and hawkish Fed bets. Gold attacks 21-day SMA near $4,400 after defending it on Monday; RSI still bullish.
Ripple, Cardano, and Dogecoin remain weak after double-digit losses last week, testing their crucial Exponential Moving Averages for immediate support. The technical outlook warns of further weakness in the prices of XRP, ADA, and DOGE as bullish momentum eases.
The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
