GBP/USD snaps a three-day winning streak and is pressured by a modest USD bounce. A further recovery in the US bond yields is seen as a key factor benefitting the buck. Bets for a less hawkish Fed and a positive risk tone to act as a headwind for the USD. Traders now look to the FOMC decision on Wednesday ahead of the BoE on Thursday. (FXStreet)

USD/CAD regains positive traction on Tuesday and draws support from a combination of factors. Bearish Oil prices undermine the Loonie and lend some support amid a modest USD strength. Bets for a less hawkish Fed cap gains for the buck and the pair ahead of the Canadian CPI report. (FXStreet)

USD/JPY picks up bids to poke short-term key resistance during the first positive day in three. Ascending trend line from mid-January challenges Yen pair bears amid nearly oversold RSI. Sluggish MACD, likely trendline breakout on RSI (14) add strength to the bullish bias. 200-SMA holds the key to buyers’ entry; sellers have a bumpy road towards the south. (FXStreet)

EUR/USD took advantage of the broad-based US Dollar weakness and closed above 1.0700. The pair stays in a consolidation phase near Monday's closing level. "We are very confident that capital and liquidity positions of the Euro area banks are well in excess of requirements," European Central Bank (ECB) President Christine Lagarde said while testifying before the European Parliament's Committee on Economic and Monetary Affairs on Monday. (FXStreet)

NZD/USD drifts lower for the second straight day and retreats further from over a one-month top. A modest USD recovery from its lowest level since February 14 exerts some pressure on the pair. Sliding US bond yields, bets for a less hawkish Fed, a positive risk tone to cap gains for the buck. (FXStreet)

The Reserve Bank of Australia's policy meeting minutes revealed in the Asian session that policymakers agreed to reconsider the case for a pause, "recognizing that pausing would allow additional time to reassess the outlook for the economy." Although AUD/USD climbed to a daily high of 0.6720 with the initial reaction, it struggled to preserve its bullish momentum. As of writing, the pair was trading near 0.6700. (FXStreet)

EUR/GBP tumbles towards 0.8700 as banking turmoil weighs on the Euro. Pound gains on Euro as market brace for UK CPI data and BoE policy decision. GBP buoyed by increasing odds of a pause in the BoE rate decision. EUR/GBP faces significant pressure as the market awaits the UK Consumer Price Index (CPI) and Bank of England (BoE) policy decision. The Euro has started to fall amid ongoing banking issues, as reports suggest that two more commercial banks are under scrutiny for possible contagion. (FXStreet)

EUR/CHF is aiming to recapture the 1.0000 resistance as hawkish ECB bets soar. ECB Lagarde cited that inflation is projected to remain too high for too long. The demise of Credit Suisse has continued to weigh on the Swiss Franc. (FXStreet)

Crude oil remains on the back foot today after visiting lows not seen since late 2021 as markets appraise the efforts of authorities to shore up confidence in the banking sector. The WTI futures contract is near US$ 67 bbl while the Brent contract is a touch above US$ 73 bbl. At the same time that the Swiss National Bank orchestrated the Credit Suisse – UBS deal, US authorities are weighing up the possibility of all deposits with banks being guaranteed. Currently, the Federal Deposit Insurance Commission (FDIC) covers deposits with recognised institutions up to US$ 250,000. (DailyFX)

Precious metals are continuing the retracement initiated on Monday as the financial markets try to settle down from the huge stress seen over the last few days. Gold price (XAU/USD) has pulled back to trading below $1,970 at the time of writing, from a peak above $2,000 early on Monday. Silver price action (XAG/USD) has been a bit quieter, with a relative monthly high below $23 achieved on Monday and a 1% retracement since. (FXStreet)

The index bounces off recent lows near 103.30. The Fed’s 2-day meeting starts later in the session. Existing Home Sales will be the only release in the US docket. The greenback, in terms of the USD Index (DXY), manages to regain some tepid upside traction and rebounds from Monday’s lows in the 103.30/25 band. (FXStreet)

Silver remains on the defensive for the second straight day, albeit lacks follow-through. The technical setup supports prospects for the emergence of dip-buying at lower levels. Bulls need to wait for a move beyond the 61.8% Fibo. level before placing fresh bets. (FXStreet)

The Central Bank of Nigeria is set to extend its steepest phase of monetary tightening to contain inflation and attract investors back into local debt, while holding off on a widely-expected currency devaluation until later in the year. Seven of 12 economists in a Bloomberg survey predict the monetary policy committee will hike the key interest rate by 50 to 100 basis points at its first meeting since the All Progressive Congress’s Bola Tinubu was elected president in a Feb. 25 vote. The rest see no change. (Bloomberg)

Following last week's impressive rally, Bitcoin corrected lower and closed below $28,000. As of writing, BTC/USD was down nearly 1% on the day at around $27,600. Ethereum fell nearly 3% on Monday and continues to edge lower toward $1,700 early Tuesday. (FXStreet)

Source: FXStreet, DailyFX

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