Trading news

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.25 during the early European trading hours on Tuesday. The WTI price edges lower as Iran supply fears ease, while traders closely monitor the fallout from the United States (US) push to take control of Greenland.  

The Indian Rupee (INR) extends its losing streak for the fourth trading day against the US Dollar (USD) on Tuesday.

The GBP/JPY pair edges higher to near 212.45 during the Asian trading session on Tuesday. The pair ticks up as the Japanese Yen (JPY) underperforms its peers, following the announcement of a snap election by Japan’s Prime Minister (PM) Sanae Takaichi on Monday.

US President Donald Trump said on Tuesday that he will be talking about Greenland in Davos, Switzerland. 

The USD/CHF pair trades in the negative territory for the third consecutive day around 0.7960 during the early European trading hours on Tuesday. The Swiss Franc (CHF) strengthens against the Greenback as US President Donald Trump's tariff threats spark safe-haven demand. 

The United Kingdom (UK) docket has the labor market report to be released by the Office for National Statistics (ONS) on Tuesday, later this session at 07:00 GMT.

Gold prices rose in India on Tuesday, according to data compiled by FXStreet.

Gold (XAU/USD) extends its sideways consolidative price move through the Asian session on Tuesday and remains close to the all-time peak touched the previous day amid mixed fundamental cues.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losses for the second consecutive day. The DXY is trading around 98.90 during the Asian hours on Tuesday.

The EUR/JPY cross trades on a flat note near 184.15 during the early European session on Tuesday. Japan's Prime Minister Sanae Takaichi said on Monday that she will dissolve parliament this week and hold a snap election on February 8.

GBP/USD holds ground after registering modest gains in the previous session, trading around 1.3430 during the Asian hours on Tuesday. The pair moves little as traders adopt caution ahead of labor market data from the United Kingdom (UK) due later in the day.

The Japanese Yen (JPY) attracts some dip-buying during the Asian session on Tuesday and stalls the previous day's retracement slide from a one-week high against its American counterpart.

EUR/USD moves little after registering modest gains in the previous session, trading around 1.1640 during the Asian hours on Tuesday. The 14-day Relative Strength Index (RSI) momentum indicator, at 44 (neutral-to-bearish), confirms fading momentum.

Silver price (XAG/USD) attracts some sellers to around $93.60 during the Asian trading hours on Tuesday. The white metal edges lower amid some profit taking after reaching a fresh record high in the previous session. The safe-haven demand might help limit Silver’s losses in the near term. 

USD/CAD edges higher after registering modest losses in the previous session, trading around 1.3870 during the Asian hours on Tuesday.

The Australian Dollar remains subdued against the US Dollar (USD) on Tuesday after registering modest gains in the previous session. The AUD/USD pair remains subdued after the People’s Bank of China (PBOC), China's central bank, announced to leave its Loan Prime Rates (LPRs) unchanged on Tuesday.

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Tuesday at 7.0006 compared to the previous day's fix of 7.0051 and 6.9576 Reuters estimate.

The NZD/USD pair loses ground to around 0.5790 during the early Asian session on Tuesday, pressured by renewed US Dollar (USD) demand. Nonetheless, the potential downside for the pair might be limited amid the fresh US President Donald Trump trade war.

China PBoC Interest Rate Decision meets expectations (3%)

The People’s Bank of China (PBOC), China's central bank, announced to leave its Loan Prime Rates (LPRs) unchanged on Tuesday. The one-year and five-year LPRs were at 3.00% and 3.50%, respectively.