Trading news

The USD/CNH pair trades with mild gains near 6.8905 during the early European trading hours on Tuesday. However, the potential upside for the pair seems limited near a 34-month low amid US tariff turmoil. 

The USD/CAD pair holds onto weekly gains near 1.3700 during the early European trading session on Tuesday. The Loonie pair trades firmly as the US Dollar (USD) extends its recovery move, with the US Dollar Index (DXY) extending its recovery move to near 97.80 at the press time.

The NZD/USD pair attracts some dip-buyers following the previous day's failure near the 0.6000 psychological mark and sticks to its modest intraday gains through the early European session on Tuesday.

Rabobank’s Senior US Strategist Philip Marey explains that after the Supreme Court blocked use of IEEPA for reciprocal and fentanyl-related tariffs, President Trump swiftly shifted to a 15% global tariff under Section 122 of the Trade Act of 1974.

Silver price (XAG/USD) loses ground after four days of gains, trading around $88.20 per troy ounce during the early European hours on Tuesday.

Commerzbank’s Michael Pfister notes that the initial weakness of the US Dollar after the Supreme Court tariff ruling has reversed, leaving USD pairs near pre-ruling levels. He stresses that the reaction is not clear-cut, with fiscal concerns offset by swift new tariffs.

The EUR/GBP cross loses ground to near 0.8730 during the early European session on Tuesday. Renewed global trade concerns, including potential US tariff measures, weigh on the Euro (EUR) against the Pound Sterling (GBP).

The Australian Dollar (AUD) outperforms its major currency peers, trades 0.1% higher to near 0.7065 against the US Dollar (USD) during the early European trading session on Tuesday.

The AUD/JPY cross attracts some buyers to near 109.60 during the early European session on Tuesday. Traders remain concerned over Japan's fiscal health amid expectations that Prime Minister Sanae Takaichi will announce more stimulus to boost the economy.

Here is what you need to know on Monday, Tuesday 24:

The Indian Rupee (INR) ticks up against the US Dollar (USD) in the opening trade on Tuesday. The USD/INR pair edges down to near 91.10 on the expectation that the Reserve Bank of India (RBI) has intervened in spot and forward markets to support the Indian Rupee.

The USD/JPY pair is up 0.4% to near 155.30 during the late Asian trading session on Tuesday. The pair trades higher as the US Dollar (USD) extends its recovery move despite United States (US) President Donald Trump threatening higher tariffs on countries in case they dishonour trade agreements.

The EUR/USD pair extends the previous day's late pullback from the 1.1835 region and attracts some follow-through selling during the Asian session on Tuesday. Spot prices currently trade around the 1.1775-1.1770 area, down nearly 0.15% for the day amid a modest US Dollar (USD) strength.

GBP/USD edges lower after two days of gains, trading around 1.3480 during the Asian hours on Tuesday. The pair declines as the US Dollar (USD) rebounds from losses recorded over the previous two sessions.

Asian equities trade mixed on Tuesday as Japan and China markets return after holidays. The Nikkei 225, Japan’s benchmark, rose 0.90% to 57,346.

Gold prices fell in India on Tuesday, according to data compiled by FXStreet.

The GBP/JPY cross attracts fresh buyers following the previous day's two-way directionless price move and climbs back above the 209.00 mark during the Asian session on Tuesday.

West Texas Intermediate (WTI) Oil price extends gains for the second successive session, trading around $66.80 per barrel during the Asian hours on Tuesday. WTI price remains close to a six-month high of $67.23, reached on February 23.

Gold (XAU/USD) retreats sharply from the $5,250 level, or a fresh monthly peak touched during the Asian session, and for now, seems to have snapped a four-day winning streak.

The USD/CHF pair ticks up to near 0.7760 during the Asian trading session on Tuesday.