Cryptocurrencies overall were slightly lower with the coin market cap of total market capitalization at $197 billion at the time of writing, compared to $201 billion on Monday. Ethereum, or Ether, the second-biggest alternative currency by market cap, fell 4.63% to $207.73. XRP, the third-largest virtual currency, was up 8.83% to $0.30647 and Litecoin was at $53.448, down 3.97%.
The U.S. dollar on Tuesday traded in a tight range, struggling for direction in the wake of an intensification of the U.S.-China trade fight after the Trump administration followed through on its plan to impose tariffs on an additional $200 billion in Chinese goods, prompting Beijing to vow retaliation.
India's National Aluminium Co. Ltd. plans to invest 55.2 billion rupees ($756.4 million) in the eastern state of Odisha to expand capacity, a government statement said on Tuesday. The company plans to manufacture aluminium products and a proposal has been sent to a panel headed by the state's chief minister for approval, the statement added.
Investing.com – U.S. futures pointed to a higher opening bell on Tuesday as investors shrugged off news that the White House imposed a fresh round of tariffs on China.The S&P 500 futures rose 5 points or 0.18% to 2,901.25 as of 6:50 AM ET (10:50 GMT) while Dow futures gained 52 points, or 0.20%, to 26,154.0. Meanwhile tech heavy Nasdaq 100 futures increased 19 points, or 0.26%, to 7,484.25.U.S. President Donald Trump announced on Monday that the U.S. will put 10% tariffs on $200 billion in Chinese goods, which will go up to 25% at the end of the year. ...
European stocks were looking at a lackluster session for Tuesday, as trade tensions between the U.S. and China made it hard for markets to get a foothold on gains.
After slipping late in the day Monday, bitcoin and major digital currencies are clawing back some losses Tuesday.
The rupee had fallen more than 12 percent against the dollar this year and it is the worst performing Asian currency year-to-date, stung by an emerging markets sell-off and higher crude oil prices that have widened the country's current account deficit. After gaining against the dollar early in the day, the rupee slumped to close at 72.9750 against the dollar, after dipping to a record low of 72.99 just before trading ended. Last week's record low of 72.9150 was breached on Tuesday despite intervention from the Reserve Bank of India (RBI) that sold dollars late in the day in a bid to stem the slide in the rupee, said dealers.
"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," he said in the statement.
USD/CAD posts modest losses on the back of a retreat of the US dollar on a quiet Monday.
Gold may be under pressure early Monday, but we’re not seeing aggressive shorting. This suggests the tariff news may have already been priced into the market. Furthermore, we’re not really seeing the shedding of risky assets with U.S. stocks trading higher after recovering from early session losses. Additionally, the USD/JPY is also trading higher. This is further evidence that investors aren’t being too rattled by the tariff news.
India sees rupee value of 72-73 against the U.S. dollar as "fair value," a senior finance ministry source said on Tuesday, after the government announced a raft of measures last week to stabilise the falling local currency. The rupee had fallen more than 11 percent against the dollar this year and is the worst performing Asian currency. "The rupee could again come under pressure once the new U.S. sanctions on Iran comes into force," due to a possible rise in oil prices, the source who declined to be named told Reuters.
Due to the uncertainty over the timing of China’s possible retaliation to the new tariffs, traders are likely to keep their fingers pressed to the volatility button so we expect to continue to see possible two-sided trading until they get some clarity. We could also be looking at position-squaring ahead of the Bank of Japan’s interest rate and monetary policy decisions on Wednesday.
This area has been a lot noisier in the past few session and the market is facing extreme difficulty in moving higher. The silver market rallied significantly during the yesterday’s session but continued to trade in a range bound fashion. The $14.35 level continues to offer strong resistance to the silver prices while $14.10 level underneath is offering strong support.
Since the major fundamentals are still bearish, all trend traders can do at this point is wait for the counter-trend short-covering rally to stop. We could be looking a “big boy” money trying to take out the weaker shorts in order to reach more favorable shorting levels.
The marker highly influenced by the US-China trade relations, and deterioration can lead to a steep correction. This pair is very sensitive to the global macro developments and given the current situations relating to the US-China trade relations and Brexit issues, it would be difficult for the market to navigate higher.
Global stocks trade mostly higher on Tuesday morning following Trump’s 10% tariffs on an additional 200B of Chinese imports.
Investing.com - Gold prices inched lower on Tuesday despite the announcement that the U.S. is slapping 10% tariffs on $200 billion in Chinese goods.
Effects of Sino-U.S. trade war escalation due to US Government announcing tariff on Chinese goods is felt across all USD denominated instruments.
Investing.com - Bitcoin and other cryptocurrency prices fell on Tuesday, with Ethereum and Litecoin down more than 11%. Ripple hinted that its cryptocurrency product xRapid would go live “in the next month or so.”
Investing.com - The yuan and the U.S. dollar traded slightly lower on Tuesday following an announcement by the Trump administration that the U.S. would put 10% tariffs on $200 billion in Chinese goods, which will go up to 25% at the end of the year.
With the UK calendar empty until Wednesday, Brexit is the meaningful data point for traders of British Pound.
A bigger rally above 1.17 could be on the cards if ECB’s Draghi plays down risks arising out of trade wars and the stock markets pick up a strong bid.
The US dollar has gone sideways against the Japanese yen during the trading session on Monday, essentially going nowhere around the ¥112 level. Because of this, I think that we continue to see a bit of a malaise in the market.
The British pound has broken to a fresh, new high again, in a sign of real strength. Now that we are starting to do so, I feel that it’s only a matter of time before we get a longer-term rally.