newsroom
Publish Date: Tue, 13 Feb 2024, 09:14 AM
Market Update - 13 February 2024
The EUR/USD pair trades on a negative note for the second consecutive day during the early European session on Tuesday. Markets turn to a cautious mood ahead of the US key data. The US Consumer Price Index (CPI) is due later on Tuesday. The softer US inflation data could potentially boost the Fed's confidence that inflation will return to its target and weigh on the US Dollar (USD). At press time, EUR/USD is trading at 1.0766, losing 0.07% on the day. (FXStreet)
USD/JPY continues its upward trajectory, nearing 149.50 during Tuesday's Asian trading session. The Japanese Yen (JPY) weakens against the US Dollar (USD) amid market apprehension regarding rate hikes following the Bank of Japan's (BoJ) departure from its ultra-dovish monetary policy stance. (FXStreet)
The GBP/USD pair consolidates in a narrow trading band above the 1.2600 mark during the early Asian session on Tuesday. The UK labor market and US inflation report will be in the spotlight later in the day. These events could trigger volatility in the market. At press time, GBP/USD is trading at 1.2626, down 0.02% on the day. (FXStreet)
USD/CAD breaks a five-day declining trend as the US Dollar (USD) strengthens, with traders adopting a cautious stance ahead of the release of United States (US) inflation data scheduled for Tuesday. During the Asian session, the USD/CAD pair trades higher around 1.3460. (FXStreet)
NZD/USD continues to decline for the second consecutive session, reaching near 0.6110 during the Asian trading session on Tuesday. The New Zealand Dollar (NZD) faces pressure against the US Dollar (USD), partly due to lower Kiwi inflation expectations in the first quarter. RBNZ Inflation Expectations (QoQ) increased by 2.5%, down from the previous reading of 2.7%. (FXStreet)
Indian Rupee (INR) weakens on Tuesday amid a stronger US Dollar (USD) and a bounce back in crude oil prices. The Indian economy showed evidence of resilience at the start of the year, with Industrial Production improving and inflation falling, according to data published on Monday. (FXStreet)
The EUR/GBP cross faces some selling pressure during the early European trading hours on Tuesday. The downtick of the cross is supported by the stronger-than-expected UK labor market data, which lifts the British Pound (GBP). At press time, EUR/GBP is trading at 0.8524, down 0.08% on the day. (FXStreet)
The USD/JPY pair trades on a flat note during the early Asian session on Tuesday. The uncertainty about the timeline of interest rate cuts leads to the consolidation of the US Dollar (USD). Traders prefer to wait on the sidelines ahead of the US Consumer Price Index (CPI) data for January, which could offer some hints about when the Fed is likely to start cutting interest rates. As of writing, USD/JPY is trading higher by 0.02% on the day at around 149.35. (FXStreet)
West Texas Intermediate (WTI) oil price extends its winning streak initiated on February 5, buoyed by heightened geopolitical tension in the Middle East. The price of Crude oil climbs towards $77.00 per barrel during the Asian session on Tuesday. Yemen’s Houthi rebels reportedly launched missiles at a ship headed for a port in Iran, resulting in minor damage to the vessel but no injuries to its crew, according to authorities. (FXStreet)
Gold price moves on a downward trajectory that began on January 7, inching lower to near $2,020 per troy ounce during the Asian session on Tuesday. The precious metal is encountering resistance as the US Dollar strengthens for the second consecutive session, supported by subdued US bond yields in anticipation of the release of US inflation data on Tuesday. (FXStreet)
Silver price (XAG/USD) trades back and forth in a narrow range around $22.70 in the late Asian session on Tuesday. The white metal struggles for a direction as investors await the United States Consumer Price Index (CPI) data for January, which will be published at 13:30 GMT. (FXStreet)
Source: FXStreet
Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.