XAG/USD gains ground after two days of losses, trading around $58.10 per troy ounce during the European hours on Tuesday. The technical analysis of the daily chart shows that the spot price is remaining within the descending channel pattern.

DBS Group Research economist Radhika Rao notes India’s onshore markets are closely watching global geopolitical risks as Oil prices rebound.

Commerzbank’s Tatha Ghose highlights that Turkey’s current-account deficit widened in May and remains structurally driven by savings-investment imbalances. Portfolio inflows are muted, with May showing renewed outflows and signs of capital flight.

The USD/JPY pair remains on the back foot through the first half of the European session on Tuesday. Intervention risks support the Japanese Yen (JPY) and act as a headwind for spot prices amid a softer US Dollar (USD).

The New Zealand Dollar (NZD) appreciates against the US Dollar (USD) on Tuesday, hardly affected by the risk-averse scenario.

United Overseas Bank’s Quek Ser Leang and Lee Sue Ann report USD/JPY rebounded from 161.26 to trade between 161.55 and 162.48, closing firm at 162.42. They see scope for a test of 162.70 while keeping 163.00 out of view, with support at 162.20/162.00.

The Euro (EUR) trades slightly higher to near 1.1395 against the US Dollar (USD) during the European trading session on Tuesday. The major currency pair gains as the US Dollar corrects ahead of the United States (US) Consumer Price Index (CPI) data for June, which will be published at 12:30 GMT.

The US Bureau of Labor Statistics (BLS) will publish the June Consumer Price Index (CPI) data on Tuesday. The report is expected to show a decline in consumer inflation, driven by the easing of crude Oil prices following the ceasefire announcement between the United States (USD) and Iran. 

The US Dollar (USD) is trading practically flat against the Swiss Franc (CHF) on Tuesday, consolidating gains after a 0.7% rally on Monday, boosted by rising geopolitical tensions and hawkish Comments by Federal Reserve (Fed) Governor Christopher Waller.

The Canadian Dollar (CAD) trades higher against its major currency peers, except antipodeans, during the European trading session on Tuesday.

The GBP/JPY cross struggles to gain any meaningful traction and seesaws between tepid gains/minor losses through the early part of the European session on Tuesday.

Volkmar Baur at Commerzbank notes the Australian Dollar (AUD) has traded largely sideways, with markets waiting for clarity on Middle East developments and upcoming Australian labor and inflation data ahead of the August 11 Reserve Bank of Australia (RBA) meeting.

The Australian Dollar (AUD) posts moderate gains against the US Dollar on Tuesday, bouncing to the 0.6930 area from session lows near 0.6910.

United Overseas Bank’s Quek Ser Leang and Lee Sue Ann highlight that GBP/USD gapped lower, dropping to 1.3343 and closing at 1.3346 as the Dollar firmed.

The GBP/USD pair gains ground to around 1.3355 during the early European trading hours on Tuesday.

Commerzbank’s Dr. Henry Hao and Moses Lim highlight that India’s June Consumer Price Index (CPI) rose to 4.4% year-on-year, driven by food and fuel, while the trade deficit widened to USD30.4bn.

The Japanese Yen (JPY) is trimming losses against the US Dollar (USD) on Tuesday, as the USD/JPY pair retreats to the 162.30 area at the European session opening, down from session highs near 162.50.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report that EUR/USD slid to 1.1377 and closed at 1.1381, a two‑week low, as the Dollar strengthened ahead of United States (US) Consumer Price Index (CPI).

The Euro (EUR) is up 0.12% to near 1.1395 against the US Dollar (USD) during the early European trading session on Tuesday. The major currency pair rises as the US Dollar corrects ahead of the United States (US) Consumer Price Index (CPI) data for June, which will be published at 12:30 GMT.

The AUD/JPY cross gathers strength to near 112.55 during the early European trading hours on Tuesday.

The Indian Rupee opens significantly lower against the US Dollar (USD) on Tuesday. The USD/INR pair posts a fresh seven-week high near 96.13 as surging oil prices and United States (US) Treasury Yields due to threats of levy from Washington have weakened the appeal of the Indian currency.

The NZD/USD pair catches aggressive bids during the Asian session on Tuesday and jumps to a nearly four-week top in the last hour amid a combination of supporting factors.

USD/CHF declines after two days of gains, trading around 0.8140 during the Asian hours on Tuesday. Traders will likely observe the Swiss Producer and Import Prices data for June due later in the day.

The EUR/JPY cross trades in positive territory around 184.90 during the early European trading hours on Tuesday.

AUD/USD edges higher after posting 0.5% losses in the previous day, trading around 0.6930 during the Asian hours on Tuesday. The technical analysis of the daily chart shows the pair remaining within the descending channel pattern, suggesting a prevailing bearish bias.

The GBP/USD pair trades in positive territory around 1.3360 during the Asian trading hours on Tuesday. However, the potential upside for the major pair might be limited amid fears of an escalating US-Iran conflict.

Silver price (XAG/USD) loses ground for the third consecutive day, trading around $57.60 per troy ounce during the Asian hours on Tuesday.

The USD/JPY pair is seen consolidating the previous day's strong move up and trading just below mid-162.00s during the Asian session on Tuesday.

The EUR/USD pair posts modest gains near 1.1385 during the Asian trading hours on Tuesday. Nonetheless, the potential upside for the major pair might be limited amid renewed US military strikes against Iran.

USD/CAD continues its losing streak after remaining flat in the previous day, trading around 1.4150 during the Asian hours on Tuesday. The pair depreciates as the commodity-linked Canadian Dollar (CAD) receives support from higher oil prices.