The EUR/USD pair trades with a positive tone on Tuesday, although still down for the week. The pair trades below the 1.1700 mark, still up from an intraday low of 1.1638, early in the American session.
GBP/USD stretched lower in the Asian session on Tuesday and touched its lowest level in a week below 1.3500 before staging a rebound. The pair’s near-term technical outlook suggests that investors refrain from placing themselves for an extended recovery.
EUR/USD started the week under bearish pressure and closed in negative territory on Monday. After dipping below 1.1650 during the Asian trading hours on Tuesday, the pair managed to recover above 1.1670 by the European morning. The near-term technical outlook points to a neutral stance.
The USD/JPY pair attracts some intraday sellers after struggling to find acceptance above the 148.00 mark earlier this Tuesday and erodes a part of the previous day’s modest gains.
Gold is treading water early Tuesday, although in a familiar range near $3,330 as traders remain wary of placing fresh positional bets ahead of the US Federal Reserve (Fed) Minutes and the Jackson Hole Economic Symposium scheduled later this week.
The euro trades with an upward bias above 1.1660, with peace talks and Powell’s Jackson Hole speech likely to shape direction toward the 1.1800 level.