Latest Forex News

United Overseas Bank’s (UOB) Quek Ser Leang notes USD/SGD’s recent downside bias has faded after a dip to 1.2790 and recovery to 1.2827.

The Mexican Peso surges to a one-month high on Tuesday as talks between the US and Iran could reopen the Strait of Hormuz, easing global inflationary pressures by freeing ship traffic. At the time of writing, the USD/MXN pair trades at 17.26, after reaching a high of 17.33.

Commerzbank economist Dr. Henry Hao highlights that China’s private manufacturing PMI fell to 50.9 in July, reinforcing signs of slowing factory momentum alongside the official NBS PMI at 49.2.

Scotiabank’s Global FX Strategy team notes that Sterling remains modestly firmer, with GBP/USD continuing to pivot around long-term moving averages near 1.34.

Gold (XAU/USD) advances some 0.75% on Tuesday as Oil prices fall, along with US Treasury yields. Also, an improvement in risk appetite propelled the yellow metal to a two-day peak of $4,106.

USD/JPY trades modestly higher on Tuesday despite a softer US Dollar (USD), as the impact of recent intervention fades and the Japanese Yen (JPY) comes under pressure again.

UOB economists Enrico Tanuwidjaja and Vincentius Ming Shen assess Indonesia’s June 2026 trade data, highlighting that the trade deficit narrowed as stronger non-oil and gas exports partly offset rapid import growth.

The Dow Jones Industrial Average trades above 54,100 on Tuesday, more than 900 points higher and through the July peak just over 53,300 that had stood since the first week of last month. The run reaches a fourth consecutive session and close to 2,500 points, near 5%, since the 29 July decision.

West Texas Intermediate (WTI) US Oil is falling sharply on Tuesday, trading around $75.70 per barrel at the time of writing, down 3.91% on the day and at its lowest level in the last three weeks.

Scotiabank’s Shaun Osborne and Eric Theoret note that the Canadian Dollar (CAD) has lagged other G10 currencies despite a softer US Dollar (USD) tone and improving Canadian data surprises versus the United States (US).

The Pound Sterling (GBP) recovers some ground against the US Dollar (USD) on Tuesday, up 0.14%, as US jobs data was softer than expected but confirmed the strength of the labor market, with layoffs being little changed. The GBP/USD pair trades at 1.3451 after rebounding from 1.3419.

EUR/USD holds firm above 1.1500 on Tuesday as traders assess the latest developments surrounding US-Iran talks and the possible reopening of the Strait of Hormuz.

Silver (XAG/USD) trades with a mildly positive tone near $59.50 per troy ounce on Tuesday, up 2% for the day, but falling from recent highs and leaving the metal locked in a tight range.

Rabobank’s Senior FX Strategist Jane Foley notes the US Dollar (USD) has been the weakest G10 currency over the past week, with US Dollar Index (DXY) down about 2% from late July.

Michael Wan at MUFG explains that South Korean Won (KRW), Thai Baht (THB), Singapore Dollar (SGD) and, to a smaller extent, Philippine Peso (PHP) are the main Asian FX beneficiaries if Japanese Yen strength persists, given their higher sensitivity to USD/JPY.

Scotiabank’s analysts observe that the Euro is consolidating around the 1.15 area against the Dollar, with limited Eurozone data to drive price action.

USD/JPY trades on the back foot near the 157.40 area during Tuesday's American session as the Japanese Yen (JPY) builds on the gains secured over the past week.

National Bank of Canada’s (NBC) Jocelyn Paquet reports Canada’s merchandise trade surplus in goods reached a four-year high of C$3.86 billion in June, beating expectations.

Gold (XAU/USD) catches a fresh bid on Tuesday as traders react to encouraging headlines about the possible reopening of the Strait of Hormuz. At the time of writing, XAU/USD trades around $4,087, recovering from an intraday low near $4,042.

Anna Paulson, President of the Federal Reserve (Fed) Bank of Philadelphia, said in an interview with CNBC on Tuesday that underlying inflation remains too high and that monetary policy needs to stay mildly restrictive, adding that the current environment likely meets that description.

AUD/USD trades around 0.7035 on Tuesday at the time of writing, up 0.50% on the day. The pair is supported by improving market sentiment after US Treasury Secretary Scott Bessent said that an agreement with Iran to reopen the Strait of Hormuz could be reached as soon as Tuesday or Wednesday.

Standard Chartered analysts Dan Pan and Steve Englander discuss the Federal Reserve’s Financial Conditions Impulse on Growth (FCI-G) index, noting it was highly accommodative in May 2026 and still supportive after the July FOMC.

The number of job openings stood at 7.359 million in June, the US Bureau of Labor Statistics reported on Tuesday. This print followed the 7.537 million openings reported in May and came in slightly below the market expectation of 7.4 million.

HSBC strategists discuss the US Dollar (USD) reaction to the July Federal Open Market Committee (FOMC) meeting, where the Federal Reserve (Fed) kept rates at 3.50-3.75% despite some dissent for a hike.

USD/CAD reverses its earlier losses on Tuesday as falling Oil prices weigh on the commodity-linked Canadian Dollar (CAD) following comments from US Treasury Secretary Scott Bessent on US-Iran talks.

BNY’s Geoff Yu highlights ongoing market focus on Japanese Yen intervention, noting authorities stepped back from action overnight as Tokyo seeks to preserve its International Monetary Fund (IMF) free‑floating status.

TD Securities’ Australia/NZ macro team sees New Zealand Employment growth at 0.1% q/q in Q2, insufficient to match population gains. They expect the Unemployment Rate to rise to 5.4%, returning to its recent cycle high and aligning with the RBNZ’s May forecast.

Lee Hardman at MUFG highlights that the US Dollar index has fallen back below 100.00 following last week’s FOMC meeting, as the Fed left rates on hold and Chair Kevin Warsh offered less hawkish guidance.

Silver (XAG/USD) trades around $59.80 at the time of writing on Tuesday, up 2.81% on the day.

BNY’s Geoff Yu notes Copper is surging as tighter availability meets uncertainty over United States (US) tariffs, with shipments to the United States draining inventories elsewhere and constrained mine output leaving the market exposed to squeezes.