USD/CAD halts its four-day losing streak, trading around 1.3890 during the Asian hours on Tuesday. The pair edges higher as the US Dollar (USD) attempts to stabilize amid mounting concerns over stagflation.
The Japanese Yen (JPY) trims a part of modest Asian session losses on Tuesday and remains close to a multi-month high touched against its American counterpart last week.
GBP/USD rose three-quarters of one percent on Monday, climbing for a fifth straight trading session as the Pound Sterling continues to reclaim ground against the softening Greenback.
The Australian Dollar gave up its earlier strength on Monday, falling from session highs near 0.6340 to trade closer to the 0.6280 area during North American hours.
Stocks tried to rally from early this morning, starting with the futures overnight. By the end of the day, they gave those up and hung on for just small losses from a gap up open.
What we see is a market that failed to be roiled by bond selling or tariff news. We found ourselves recognizing that all really is quiet on the bearish front.
Given the situation in the USD Index, stocks, and how strongly silver reacted to the first wave of selling, it seems that much bigger declines are just around the corner.
The GBP/USD pair remains in a strong uptrend above 1.3000, with technical momentum suggesting further gains toward 1.3300 as dollar weakness and risk sentiment support.
The broader trade war narrative has not gone away, and though we are getting a boost in risk assets, we’re also seeing the US Dollar suffer across the board.
The AUD/USD pair is rallying strongly from recent lows, with bulls targeting the 0.6415 resistance as falling US dollar and RBA outlook fuel upside momentum.
It seems the dramatic reaction in the capital markets and the collapse of consumer confidence prompted the Trump administration to postpone the reciprocal tariffs.
addition, the U.S. exempted certain electronics from reciprocal tariffs, easing fears of a deepening trade war.US markets closed higher fueled by upbeat bank earnings and comments from Fed officials. All 11 S&P 500 sectors gained, with materials and tech leading. Asia markets rose, and European markets up as US exempts some goods from tariffs.
