Analysis

EUR/USD retraces its recent gains from the previous session, trading around 1.0810 during the Asian hours on Tuesday. A review of the daily chart shows that the pair tests the upper boundary to return to the descending channel pattern. which could reinforce a bearish bias for the pair.

The EUR/USD pair holds steady around 1.0810 on the consolidation of the US Dollar (USD) during the early Asian session on Tuesday.

The GBP/USD pair trades with mild losses near 1.2970 on Tuesday during the early Asian session.

The JPY slumped at the outset of trading overnight in response to the results of Japan’s elections on Sunday, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

The Australian Dollar (AUD) continues its decline for the second straight session on Monday. However, hawkish comments from the Reserve Bank of Australia (RBA) may limit further losses for the AUD/USD pair.

The GBP/USD pair extends the decline to around 1.2945 during the early European session on Monday. A bullish US Dollar (USD) on the back of bets for a less aggressive easing by the Federal Reserve (Fed) drags the pair lower.

EUR/USD inches lower for the second successive day, trading around 1.0780 during the Asian session on Monday. A review of the daily chart shows that the pair tests the upper boundary to return to the descending channel pattern. which could reinforce a bearish bias for the pair.

EUR/USD trimmed a near-term rebound on Friday, slamming the door on a clean bullish recovery and keeping bids trapped near the 1.0800 handle to round out the trading week.

USD/CHF may appreciate further due to fading odds of bumper rate cuts by the Fed in 2024.

EUR/USD made a half-hearted recovery on Thursday, rebounding four-tenths of one percent and clawing back north of the 1.0800 handle.

Japan equities were higher at the close on Thursday, as gains in the Transport, Rubber and Paper&Pulp sectors propelled shares higher.

The USD/CAD pair corrects slightly to near 1.3820 in Thursday’s European session after posting a fresh 11-week high above 1.3850 on Wednesday.

Japan's Deputy Chief Cabinet Secretary Kazuhiko Aoki said on Thursday that he is “closely watching FX moves with a sense of urgency.”

The EUR/USD pair gains some positive traction during the Asian session on Thursday and for now, seems to have snapped a three-day losing streak to its lowest level since early July, around the 1.0760 area touched the previous day.

The GBP/USD pair trades around 1.2930 during the Asian session on Thursday, staying near its 10-week low of 1.2907 reached on Wednesday.

EUR/USD shed another fifth of a percent on Wednesday as the Fiber crumples ahead of Thursday’s fresh round of Purchasing Managers Index (PMI) figures.

Japan equities were lower at the close on Wednesday, as losses in the Shipbuilding, Power and Banking sectors propelled shares lower.

EUR/GBP remains subdued near 0.8310 during European trading hours on Wednesday, following losses in the previous session.

The GBP/USD pair edges higher toward 1.3000 during Asian trading on Wednesday. However, the Pound Sterling (GBP) faced headwinds due to declining consumer and producer inflation figures, coupled with weak labor market data in the United Kingdom (UK).

EUR/USD lost another sixth of a percent on Tuesday, dipping below 1.0800.