Market Information

DBS analyst Philip Wee highlights that markets are focused on President Trump’s upcoming State of the Union Address (SOTU), with investors seeking haven exposure ahead of the event.

MUFG’s Senior Currency Analyst Lee Hardman notes that the Japanese Yen has underperformed, pushing USD/JPY back above 156.00.

USD/JPY rises nearly 1%, trading around 156.20 during the European hours on Tuesday.

The Indian Rupee (INR) trades vulnerably against the US Dollar (USD) on Tuesday. The USD/INR pair holds onto Monday's gains near 91.10 despite the strong inflow of foreign funds into the Indian stock market.

China’s Commerce Ministry expresses willingness to hold the sixth round of trade talks with the United States (US) in a press conference during European trading hours on Tuesday.

ING’s Frantisek Taborsky expects the National Bank of Hungary to restart its rate-cutting cycle after September 2024’s last move, citing sharply lower January inflation and benign regional trends.

The GBP/USD pair edges lower to near 1.3480 during the European trading session. The pair is under pressure as the Pound Sterling (GBP) trades broadly uncertain amid firming speculation that the Bank of England (BoE) could deliver a number of interest rate cuts in the near term.

Danske Bank’s Danske Research Team notes that trade tensions remain elevated after the European Parliament postponed ratification of the EU-US trade deal over concerns about Trump’s new unilateral 15% tariff.

According to a report by Mainichi Shimbun, Japanese Prime Minister (PM) Sanae Takaichi voiced concerns over the Bank of Japan’s (BoJ) intentions to hike interest rates further in her meeting with Governor Kazuo Ueda, which happened last week on February 16.

EUR/CAD depreciates after registering gains in the previous two consecutive sessions, trading around 1.6140 during the European hours on Tuesday.

BNY's John Velis notes that interest rate markets, a key driver for the US Dollar, still price roughly two Federal Reserve cuts this year despite hawkish-leaning minutes, sticky PCE inflation and weaker GDP.

OCBC’s Sim Moh Siong and Christopher Wong note that sticky UK inflation and firmer growth data are offsetting soft labour numbers, limiting dovish repricing for the BoE and cushioning the Pound.

The USD/CNH pair trades with mild gains near 6.8905 during the early European trading hours on Tuesday. However, the potential upside for the pair seems limited near a 34-month low amid US tariff turmoil. 

The USD/CAD pair holds onto weekly gains near 1.3700 during the early European trading session on Tuesday. The Loonie pair trades firmly as the US Dollar (USD) extends its recovery move, with the US Dollar Index (DXY) extending its recovery move to near 97.80 at the press time.

The NZD/USD pair attracts some dip-buyers following the previous day's failure near the 0.6000 psychological mark and sticks to its modest intraday gains through the early European session on Tuesday.

Rabobank’s Senior US Strategist Philip Marey explains that after the Supreme Court blocked use of IEEPA for reciprocal and fentanyl-related tariffs, President Trump swiftly shifted to a 15% global tariff under Section 122 of the Trade Act of 1974.

Silver price (XAG/USD) loses ground after four days of gains, trading around $88.20 per troy ounce during the early European hours on Tuesday.

Commerzbank’s Michael Pfister notes that the initial weakness of the US Dollar after the Supreme Court tariff ruling has reversed, leaving USD pairs near pre-ruling levels. He stresses that the reaction is not clear-cut, with fiscal concerns offset by swift new tariffs.

The EUR/GBP cross loses ground to near 0.8730 during the early European session on Tuesday. Renewed global trade concerns, including potential US tariff measures, weigh on the Euro (EUR) against the Pound Sterling (GBP).

The Australian Dollar (AUD) outperforms its major currency peers, trades 0.1% higher to near 0.7065 against the US Dollar (USD) during the early European trading session on Tuesday.

The AUD/JPY cross attracts some buyers to near 109.60 during the early European session on Tuesday. Traders remain concerned over Japan's fiscal health amid expectations that Prime Minister Sanae Takaichi will announce more stimulus to boost the economy.

Here is what you need to know on Tuesday, February 24:

The USD/JPY pair is up 0.4% to near 155.30 during the late Asian trading session on Tuesday. The pair trades higher as the US Dollar (USD) extends its recovery move despite United States (US) President Donald Trump threatening higher tariffs on countries in case they dishonour trade agreements.

The EUR/USD pair extends the previous day's late pullback from the 1.1835 region and attracts some follow-through selling during the Asian session on Tuesday. Spot prices currently trade around the 1.1775-1.1770 area, down nearly 0.15% for the day amid a modest US Dollar (USD) strength.

GBP/USD edges lower after two days of gains, trading around 1.3480 during the Asian hours on Tuesday. The pair declines as the US Dollar (USD) rebounds from losses recorded over the previous two sessions.

Asian equities trade mixed on Tuesday as Japan and China markets return after holidays. The Nikkei 225, Japan’s benchmark, rose 0.90% to 57,346.

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

The GBP/JPY cross attracts fresh buyers following the previous day's two-way directionless price move and climbs back above the 209.00 mark during the Asian session on Tuesday.

West Texas Intermediate (WTI) Oil price extends gains for the second successive session, trading around $66.80 per barrel during the Asian hours on Tuesday. WTI price remains close to a six-month high of $67.23, reached on February 23.

Gold (XAU/USD) retreats sharply from the $5,250 level, or a fresh monthly peak touched during the Asian session, and for now, seems to have snapped a four-day winning streak.

The USD/CHF pair ticks up to near 0.7760 during the Asian trading session on Tuesday.

The NZD/USD pair gains momentum to near 0.5965 during the Asian trading hours on Tuesday, bolstered by a weaker US Dollar (USD). US trade policy uncertainty continues to weigh on the Greenback against the New Zealand Dollar (NZD).

EUR/JPY pares its recent losses from the previous session, trading around 182.60 during the Asian hours on Tuesday. The technical analysis of the daily chart points to a potential bullish reversal, with the currency cross holding slightly above the upper boundary of the descending channel pattern.

Japan’s Finance Minister Satsuki Katayama said on Friday that the government will closely examine details of the US Supreme Court decision on tariffs.

The AUD/USD pair consolidates in a narrow band around mid-0.7000s during the Asian session on Tuesday, and for now, seems to have stalled the previous day's modest pullback from over a one-week top.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, edges higher after two days of losses and is trading around 97.80 during the Asian hours on Tuesday.

The USD/CAD pair gathers strength to near 1.3715 during the early Asian trading hours on Tuesday. The US Dollar (USD) edges higher against the Canadian Dollar (CAD) despite American trade policy uncertainty.

The USD/JPY pair edges higher during the Asian session on Tuesday and looks to build on the previous day's bounce from the 154.00 mark.

On Tuesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9414 compared to the last fix of 6.9398 on February 13 and 6.9249 Reuters estimate.

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. 

Silver price (XAG/USD) halts its four-day winning streak, trading around $87.50 per troy ounce during the Asian hours on Tuesday. However, the safe-haven metal may regain its ground amid global trade uncertainty and heightened geopolitical concerns.

The EUR/USD pair holds positive ground around 1.1795 during the early Asian session on Tuesday. The US Dollar (USD) weakens against the Euro (EUR) amid US tariff uncertainty. The release of the US January Producer Price Index (PPI) report will be in the spotlight later on Friday. 

GBP/USD spent Monday spinning in place as market participants await a fresh catalyst to break the pair out of its recent range.

US President Donald Trump's administration is considering new national security tariffs on a half-dozen industries after a Supreme Court decision last week that invalidated many of his second-term levies, the Wall Street Journal (WSJ) reported on Monday.

West Texas Intermediate (WTI) Crude Oil is caught between competing forces this week.

Michael Plumb, the Head of Economic Analysis at the Reserve Bank of Australia (RBA), said on Monday that the central bank will continue to focus on quarterly Consumer Price Index (CPI) inflation data for forecasting.

The RBNZ's dovish hold last week weighed heavily on the New Zealand Dollar, with the central bank signaling that monetary policy would remain accommodative for some time and that a rate hike later in 2026 is possible but not fully priced in.

The Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 3.85% earlier this month, citing a material pick-up in inflation and stronger-than-expected private demand.

Commerzbank analysts Charlie Lay and Moses Lim note that India’s February flash PMIs show continued expansion in both services and manufacturing, with robust domestic and external demand supporting hiring and confidence.

Gold price (XAU/USD) jumps to around $5,230 during the early Asian session on Tuesday. The rally of the precious metal is bolstered by heightened geopolitical tensions and global trade uncertainty following US tariff decisions.