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Overall, the major currencies continued to create new highs on Tuesday. Except for the Japanese yen, every other major currency is trading at the highest value touched in months as investors are trying to diversify from the dollar. Ahead, the release calendar holds a number of top-tier releases, so it is expected that the market will have strong momentum throughout the European and the U.S. sessions.
The Euro (Eur/Usd) fell 50 pips during the overnight session, but started to move higher after it bounced off the 1.4100 support level. The euro retained the upside momentum throughout U.S. session, which helped it gain 150 pips at the end of the day. In tonight’s Asian session, the euro declined 30 pips.
The Pound (Gbp/Usd) moved again higher during the last day of trading, on Tuesday, extending the upside trend seen in the last two trading weeks. The pound gained 150 pips on Tuesday, even though it tried to break lower throughout the first part of the day. In the late U.S. session and in tonight’s Asian trading hours, the pair traded flat.
The Aussie (Aud/Usd) struggled to find a direction to trade in the overnight session, but started to head higher in the second part of the European session. During the Asian session, the aussie reached a new high for the current year, extending the strong uptrend observed lately, as a release showed that the Australian economy expanded during the first quarter.
The Cad (Usd/Cad) re-tested the 1.0800 support area during the U.S. session, but the pair failed to break any lower. On Monday, the cad bottomed around the same area, even though crude oil reached new highs in the last two days of trading. In the Asian session, the cad traded flat.
The Swissy (Usd/Chf) shed almost 100 pips on Tuesday, extending the pair’s strong downtrend. The swissy traded relatively flat during the first part of the day, but plunged 120 pips throughout the late European session. During the U.S. and tonight’s Asian sessions, the swissy traded side-ways.
The Yen (Usd/Yen) lost 100 pips on Tuesday, as the pair bounced off the high set the prior day. Moreover, in the last four days of trading, the yen moved just one day up, while trading within the same range the other days, showing the market’s indecision.
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