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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.
The Australian Dollar posts moderate gains against the US Dollar on Tuesday, regaining some of the ground lost last week, although it remains at its lowest level in nearly two months. News that Israel and Iran halted hostilities has triggered a mild relief rally. At the same time, upbeat Chinese trade data has provided additional support for the Aussie, as China is Australia’s major trading partner.
The USD/JPY pair struggles to build on a modest Asian session uptick on Tuesday and remains below its highest level since April 30, set the previous day. Spot prices, however, hold above the 160.00 psychological mark and seem unaffected by a broadly weaker US Dollar.
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.
USD/IDR halts its four-day winning streak, trading around 18,070 during the Asian hours on Tuesday. The pair depreciates as the Indonesian Rupiah gains ground after Bank Indonesia raised interest rates by 25 basis points in an unexpected off-cycle rate hike, taking the benchmark rate to 5.50%.
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.
