FOREX TODAY: Good day, traders! Are you ready to rock this Tuesday with the latest Forex news? Let’s dive in!
After Monday’s sell-off, the US Dollar (USD) is trying to find its feet and stabilize early on Tuesday. The US Dollar Index is gradually recovering from its 10-day low, which it set at 101.20 during the early Asian session. Later today, the US economic docket will feature the February Housing Price Index, March New Home Sales, and the Conference Board’s Consumer Confidence Index for April.

On Monday, the sharp decline in US Treasury bond yields put heavy pressure on the USD. The benchmark 10-year US Treasury bond yield lost over 2%, dropping below 3.5% for the first time since April 14. However, early Tuesday, the 10-year yield is struggling to stage a rebound. Meanwhile, Wall Street’s main indexes closed mixed with the Nasdaq Composite posting modest losses and the Dow Jones Industrial Average adding 0.2%. In the European morning, US stock index futures are trading in negative territory.

• The EUR/USD pair capitalized on the renewed USD weakness on Monday, registering strong gains. As of early Tuesday, the pair seems to have gone into a consolidation phase around 1.1050. Since there won’t be any high-tier data releases from the Euro area, the USD’s valuation and comments from European Central Bank (ECB) policymakers could drive the pair’s action.

• The GBP/USD pair closed in positive territory on Monday and continued to push higher during the Asian trading hours on Tuesday. However, the pair lost its traction after meeting resistance at 1.2500 and was last seen trading modestly lower on the day at around 1.2470.

• The USD/JPY pair closed flat slightly above 134.00 on Monday and continues to trade in a tight range on Tuesday. Earlier in the day, BoJ Governor Kazuo Ueda said, “we see risk of inflation undershooting forecast as bigger than risk of overshooting, which is why the Bank of Japan (BoJ) must maintain easy policy now.”

• The Gold price benefited from falling US yields and gathered bullish momentum on Monday. XAU/USD continues to edge higher toward the key $2,000 level on Tuesday. Will it break that level today? Keep an eye out, traders!

Following Monday’s indecisive action, Bitcoin edges slightly lower early on Tuesday and was last seen trading below $27,500. Ethereum lost 1% on Monday and is already down another 1% on Tuesday, trading slightly above $1,800.

Stay tuned for more exciting Forex news, and don’t forget to check out our other blogs at Edge-Forex for valuable trading tips and insights. Happy trading, folks!