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United Kingdom S&P Global/CIPS Manufacturing PMI came in at 47, below expectations (47.3) in December
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EUR/USD extends the decline toward 1.1600 in the European session on Tuesday. The pair remains under pressure as surging energy prices amid the US-Iran war have increased the risks of higher inflation for the Old Continent. The focus is now on the Eurozone preliminary inflation reading for February.
GBP/USD is back in the red, accelerating its downside toward the three-month lows of 1.3315 in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar preserves the previous upside.
Gold attracts some intraday selling and falls around $100 from the daily top, around the $5,380 area. The US Dollar climbs to a fresh high since January 20 and turns out to be a key factor exerting downward pressure on the commodity. However, concerns about a broader regional conflict in the Middle East continue to weigh on investors' sentiment and underpin demand for the traditional safe-haven bullion.
Stellar is trading red below $0.16 at the time of writing on Tuesday, after a slight recovery the previous day. Weakening derivatives data caps the recovery, while an unfavorable technical outlook projects a deeper correction for the XLM token in the upcoming days.
At the end of the day, markets do not trade morality or geopolitics. They trade transmission channels. And the only channel that truly matters in this maelstrom runs through the price of energy and the time value of money.
Hyperliquid (HYPE) steadies above $33 at press time on Tuesday, marking its fourth consecutive day of recovery in a broadly volatile market due to the ongoing US-Israel strikes on Iran.
