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Switzerland SVME - Purchasing Managers' Index registered at 45.3, below expectations (46.3) in April
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EUR/USD builds on Monday’s optimism, edging closer to the key 1.2000 area while hitting tops last seen back in June 2021. The latest push higher reflects ongoing selling pressure on the US Dollar, with the broader risk environment still supportive and investors once again turning their attention to tariff-related risks emerging from the White House.
GBP/USD continues to grind higher on Tuesday, climbing toward the 1.3800 handle and setting fresh multi-month highs as broad-based US Dollar weakness remains the dominant theme prior to Wednesday’s FOMC event.
Gold edges lower following the previous day's strong move up to a fresh all-time high, though the downside seems limited amid a supportive fundamental backdrop. Heightened economic and policy risk linked to US President Donald Trump's decisions fuel the so-called 'Sell America' trade. This, along with concerns about the Fed's independence and prospects for further policy easing by the US central bank, drags the US Dollar to a four-year low and favors the XAU/USD bulls ahead of the crucial FOMC rate decision later this Wednesday.
US spot Ethereum exchange-traded funds recorded nearly $117 million in net inflows on Monday, snapping out of a four-day outflow streak, according to SoSoValue data. The positive value came solely from Fidelity's FETH, which pulled in $137.2 million.
The US Dollar Index returned to last year's lower bound, which we had not seen since 2022. The drivers are investment portfolio diversification, concerns about the US economic growth slowdown, rumours of FX interventions and active selling by carry-traders.
Ripple (XRP) is trading around $1.88 at the time of writing on Tuesday, correcting from the previous day’s high of $1.95. The cross-border remittance token remains under immense pressure amid a weak technical structure.
