In contrast, the EUR/USD rose by 0.24% on Tuesday. This increase was triggered by the dollar’s weakness, hawkish signals from ECB’s Holzmann about potential interest rate hikes following supply shocks, and an unexpected increase in Italy’s industrial production.
The USD/JPY also saw an increase of 0.13% on Tuesday as the yen weakened due to reduced safe-haven demand after a substantial rally in the Nikkei Stock Index, coupled with a decline in Japanese government bond yields.
Meanwhile, gold and silver prices rose for the third consecutive day, driven by factors such as a weaker dollar, dovish comments from Bostic, and a decrease in the 10-year T-note yield. The precious metals’ prices were buoyed by these factors, marking a continuation of gains from previous days.
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