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Gold prices climbed to two-month highs, surpassing $2,740 per ounce troy, driven by heightened uncertainty surrounding potential policy announcements. 1 Silver prices also gained momentum, trading closer to the $31.00 mark per ounce.
WTI crude oil prices extended their decline, approaching the $75.00 per barrel mark, driven by the stronger US Dollar and investors’ concerns regarding potential tariff announcements.
In contrast to its riskier counterparts, AUD/USD recorded modest losses on Tuesday, partially erasing its positive start to the week. The Westpac Leading Index is the next key economic data release on the Australian calendar.
The US Dollar weakened further, extending Monday’s decline as continued market speculation regarding US tariffs undermined the initial bullish sentiment.
The US Dollar Index (DXY) retreated slightly, closing around the 107.60 level, influenced by mixed US yields and heightened uncertainty surrounding trade policies. Key economic data releases today include the weekly Mortgage Applications by MBA, the CB Leading Index, and the API report on US crude oil supplies.
EUR/USD extended its gains following increased USD selling, surpassing the 1.0400 level on a strong bullish momentum. ECB President C. Lagarde is scheduled to speak later today.
GBP/USD remained well-bid above 1.2300, supported by the ongoing weakness in the Greenback. The UK’s Public Sector Net Borrowing figures are expected to be released later.
USD/JPY traded in a volatile range around the 155.50 level as investors exercised caution ahead of the upcoming BoJ meeting. Japan’s Balance of Trade will be released on January 23, followed by weekly Foreign Bond Investment data.
Contrasting with its risky peers, AUD/USD charted humble losses on Tuesday, partially reversing an auspicious start to the week. The Westpac Leading Index is next on tap on the Australian calendar.
WTI prices declined further and approached the $75.00 mark per barrel on the back of the stronger Dollar and investors’ assessment of Trump’s tariffs.
