Silver (XAG/USD) is showing a mild bearish momentum on Tuesday’s European trading session, with the reversal from Thursday's high, at 81.13, extending to levels below $72.00, amid vanishing hopes of a peace deal in Iran.
The Pound Sterling (GBP) surrenders its early gains against the US Dollar (USD) and flattens around 1.3240 during the European trading session on Tuesday.
Citing an unidentified senior US official, Axios reported on Tuesday that the US military conducted strikes on military targets located on Iran's Kharg Island.
ING analysts Ewa Manthey and Warren Patterson report that Aluminium supply risks have intensified after Iranian attacks on Emirates Global Aluminium’s Al Taweelah smelter and Aluminium Bahrain’s plant.
Commerzbank analysts highlight that Brent has climbed above $111 per barrel as the Iran conflict continues and Trump links any ceasefire deal to free Oil traffic through the Strait of Hormus.
TD Securities analysts highlight a record monthly rise in the Melbourne Institute Inflation Gauge, pushing headline and trimmed mean inflation to their highest non-COVID levels since 2008. At the same time, Australian household spending growth is modest and momentum is slowing.
Brown Brothers Harriman’s (BBH) Elias Haddad notes that a prolonged energy shock from the Iran conflict heightens financial stability risks and supports the Dollar beyond what rate differentials imply.
Gold price (XAU/USD) trades higher to near $4,675.00, but is broadly sideways, during the European trading session on Tuesday.
According to a Reuters report, a senior Iranian official has rejected a temporary ceasefire called in the two-tier deal by the United States, which was delivered by Pakistan.
The Australian Dollar (AUD) is trading higher against the US Dollar (USD) for the second consecutive day on Tuesday, but the pair failed to find any significant acceptance above 0.6950.
The Euro (EUR) extends losses against the British Pound (GBP) for the second consecutive day on Tuesday, approaching the bottom of its near-term horizontal range at 0.8700, from Monday’s highs at 0.8735.
The Indian Rupee (INR) ticks up against the US Dollar (USD) on Tuesday, with the USD/INR pair edging down to near 93.00.
