Trading news

Gold is trading higher for the sixth consecutive day on Tuesday, but the precious metal found sellers at all-time highs right above the $3,500 level, and has given away most of the daily gains, weighed by a strong US Dollar recovery.The US Dollar Index, which measures the value of the Greenback agai

Oil prices started the month with gains. Brent quickly made up for the 'losses' caused by the contract rollover and broke through the $68 per barrel mark during the course of the day. Due to Labor Day, US markets were closed on Monday, which reduces the significance of yesterday's price movements.

EUR/USD remains rangebound, oscillating around its 50-day moving average and capped by a multi-month descending trendline at 1.1740. A decisive break below last week’s low at 1.1580 would expose deeper retracement targets at 1.1525 and 1.1465, Société Générale's FX analysts note.

Official manufacturing PMI inched up to 49.4 in August, staying below 50 for five straight months. Export growth likely edged down due to fading front-loading effect and emerging tariff impact. Base effects likely dragged CPI into negative territory; PPI deflation may have eased significantly.

The risk for Euro (EUR) remains on the upside, but it must first close above 1.1755 before a move toward 1.1790 can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

With markets focused on a September Fed rate cut, attention is shifting to other factors that could lend support to the dollar.

USD/CNH rebounded again this morning after USD/CNY daily fix was set higher (at 7.1089 on Tue and 7.1072 on Monday vs. 7.1030 last Friday), snapping the 5-day streak of lower fixes. Pair was last at 7.1462, OCBC's FX analysts Frances Cheung and Christopher Wong note.

The euro area's inflation figures may not be very exciting, but the US is returning from an extended Labour Day weekend today to start a busy week, Commerzbank's FX analyst Michael Pfister notes.

The dollar is drifting higher in quiet conditions. Weekend news about US tariffs being ruled illegal has not had much impact so far. US Treasury yields have been marked a couple of basis points higher, and US equity futures are slightly lower, ING's FX analyst Chris Turner notes.

Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data.

Fed independence will remain a huge theme for financial markets this year, ING's FX analyst Chris Turner notes.

Silver climbed above $40 for the first time since 2011, while Gold is nearing April’s record high of $3,500, ING's commodity experts Ewa Manthey and Warren Patterson note.

US Dollar (USD) a touch firmer this morning in quiet trade as US markets were closed for Labour Day holiday yesterday. DXY last at 98.35 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Italy Producer Price Index (YoY): 1.6% (July) vs previous 2.5%

Italy Producer Price Index (MoM) declined to 0.5% in July from previous 1.5%

Eurozone Core Harmonized Index of Consumer Prices (MoM) up to 0.3% in August from previous -0.2%

Eurozone Core Harmonized Index of Consumer Prices (YoY) above expectations (2.2%) in August: Actual (2.3%)

Silver price (XAG/USD) halts its five-day winning streak, trading around $40.30 per troy ounce during the European hours after retreating from $40.85, the highest since September 2011, reached on Tuesday.

Eurozone Harmonized Index of Consumer Prices (MoM) increased to 0.2% in August from previous 0%

Eurozone Harmonized Index of Consumer Prices (YoY) registered at 2.1% above expectations (2%) in August