Trading Kiwi, Gold, Oil, EURUSD, GBPUSD on Tuesday

Looking for some fresh news on the kiwi, gold, oil, EURUSD, and GBPUSD? Here is what to be mindful of when trading these assets on Tuesday.

Asia’s Forex trading today has been stirred by massive USD sell-off, with investors cautious in anticipation of the new Fed Chair appointment this week. Kevin Warsh has quite high chances of taking over the Federal Reserve’s leadership from Janet Yellen.

In New Zealand, the kiwi came under selling pressure too, following PM designate Ardern’s call for review and reform of the Reserve Bank Act.

Another widely traded asset, gold seems to remain in recovery mode for a longer period amid moderate-risk conditions. Spot gold traded mostly the same, revolving around $1281.15 an ounce.

Oil prices are also roughly unchanged, awaiting fresh impetus from the crude supply release due soon. Brent crude increased 3 cents, going up to $57.40, while US crude gained 5 cents, rising to $51.95 per barrel.

EURUSD sees support at 1.17617, paving the way for a slow recovery, which extends into Asia as the dollar softness continues to persist as the investors’ focus shifts to the soon to be released Euro area PMI reports.

In Europe, the Cable revolves around the 1.32080 handle, while in Asia continued to bid above 1.32. The GBP bulls are likely to wait a little more on the sidelines ahead of tomorrow’s release of the 3rd quarter GDP.

The US dollar index, which measures the greenback’s strength against six other major widely traded currencies, dropped to 93.7 while remaining close to a recent two-week peak.

Australia is next to introduce cryptocurrency trading regulations, following China and Russia.

The political turbulence continues in Spain, where the leading government revoked the local Catalonian government on Saturday, as an ultimate measure to stall the region’s push for independence. Catalonian leaders reacted by calling for civil disobedience. This is likely to put some pressure on the single currency.