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AUD/USD: Next on tap comes the 0.6600 region
AUD/USD reversed three consecutive daily pullbacks after the unexpected hawkish hold by the RBA lent extra wings to the Aussie. Indeed, the pair gathered fresh steam and managed to reclaim the 0.6550 hurdle and beyond in a context of reignited trade concerns.
EUR/USD: Initial support lies around 1.1680
EUR/USD regained composure and managed well to reverse an initial pullback to two-week lows around 1.1680 on Tuesday, as the buying bias in the Greenback dissipated toward the end of the day. Investors will now shift their focus to the release of the FOMC Mintes on Wednesday.
Gold trims losses, back around $3,300
Gold attempts to regain upside traction on Tuesday, reclaiming the area around the $3,300 region per troy ounce. The knee-jerk in the Greenback allowed the precious metal to rebound from earlier lows, although firm US yields continue to limit the metal’s upside.
RBNZ expected to keep interest rate on hold after six consecutive cuts
The Reserve Bank of New Zealand is forecast to hold its key interest rate at 3.25% on Wednesday. The RBNZ hinted that it is close to the end of the easing cycle as “inflation is within the target band”. The New Zealand Dollar could experience a big reaction to the language in the RBNZ policy statement.
New US tariffs target Asia, but some countries stand to gain
President Trump’s new tariffs are higher than expected for most Asian economies. Moreover, most countries will face additional tariff rates on transshipments. The new announcements are silent on Singapore, India and the Philippines, which might stand to benefit from tariff concessions if negotiations progress favourably.
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