USD/CHF declines on Tuesday to around 0.8020 at the time of writing, down 0.40% on the day, as the Swiss Franc (CHF) outperforms most of its peers. The Swiss currency benefits from rising optimism that the United States (US) and Switzerland will soon reach a trade agreement.

EUR/USD has retraced previous losses and turned positive on the day. The pair trades at 1.1572 at the time of writing, after bouncing from 1.1545.

Gold (XAU/USD) is trading higher for the third consecutive day on Tuesday, with bulls pushing against the $4,150 resistance area at the time of writing..

Gold (XAU/USD) maintains its bullish tone on Tuesday, extending Monday’s sharp advance as dovish Federal Reserve (Fed) expectations continue to underpin sentiment. At the time of writing, XAU/USD is trading near three-week highs around $4,140, up nearly 0.7% on the day.

Mexico Industrial Output (YoY) climbed from previous -3.6% to -2.4% in September

Brazil IPCA Inflation came in at 0.09% below forecasts (0.16%) in October

The Pound Sterling (GBP) falls sharply against its major currency peers on Tuesday. The British currency weakens as the United Kingdom (UK) labour market data for the three months ending September has signaled that job market conditions have deteriorated further.

USD/CAD advances toward 1.4030 on Tuesday at the time of writing, up 0.10% for the day. The move reflects growing optimism over an imminent resolution of the US government funding deadlock, while investors await fresh US employment data.

The USD/JPY revisits 154.40 during the European trading session on Tuesday, the highest level seen in almost nine months. The pair demonstrates strength as the Japanese Yen (JPY) faces selling pressure amid receding hopes of more interest rate hikes by the Bank of Japan (BoJ) in the near term.

The Euro maintains a bid tone against the Pound, holding gains above 0.8800 for now.

The China Gold Association published data on China's Gold demand in the first three quarters yesterday, with some delay, Commerzbank's commodity analyst Carsten Fritsch notes.

The Gold price rose by up to 3.7% or $150 to $4,150 per troy ounce since yesterday's market opening, Commerzbank's commodity analyst Carsten Fritsch notes.

European Gas prices remain close to this year's low at just over EUR 31 per MWh, which is around 25% lower than a year ago, Commerzbank's commodity analyst Barbara Lambrecht notes.

United States NFIB Business Optimism Index came in at 98.2, below expectations (98.3) in October

South Africa Manufacturing Production Index (YoY) climbed from previous -1.5% to 0.3% in September

US-China trade truce is offering a welcomed relief. Markets expect a H2 slowdown and forecast 2025 growth at 4.9%; deflation pressure to linger, Standard Chartered's economists report.

US Dollar (USD) is likely to trade in a range between 7.1170 and 7.1290. In the longer run, USD has likely entered a range-trading phase between 7.1120 and 7.1330, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

US Dollar (USD) could test 154.45 against Japanese Yen (JPY); any further advance is not expected to reach the major resistance at 155.00. In the longer run, USD is likely to trade in a range for now, likely between 153.10 and 155.00, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The Australian Dollar is trading moderately lower against the US Dollar on Tuesday, retreating from Monday’s highs at 0.6540, and reaching session lows at 0.6514 during the European morning session.

Silver (XAG/USD) trades around $51.00 on Tuesday at the time of writing, up 0.90% for the day, extending its three-day winning streak. The metal benefits from growing speculation that the Federal Reserve (Fed) will continue its monetary easing cycle in December.

There is scope for New Zealand Dollar (NZD) to test 0.5665; a clear break above this level is unlikely. In the longer run, weakness in NZD has stabilized; for the time being, it is likely to trade in a range between 0.5605 and 0.5695, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

German ZEW Survey - Economic Sentiment surprisingly dropped to 38.5 in November. Economists expected the sentiment data to have improved to 40.0 from 39.3 in October.

USD/BRL’s early-October rebound stalled below the 50-day moving average at 5.37/5.40, signaling weak follow-through, Société Générale's FX analysts note.

Any further advance in Australian Dollar (AUD) is likely limited to a test of 0.6560; the major resistance at 0.6580 is not expected to come under threat.

Germany ZEW Survey – Economic Sentiment below forecasts (40) in November: Actual (38.5)

Eurozone ZEW Survey – Economic Sentiment came in at 25, above forecasts (23.5) in November

Germany ZEW Survey – Current Situation came in at -78.7 below forecasts (-77.5) in November

EUR/GBP has continued higher after breaking out of its multi-month consolidation in October, setting an interim peak near 0.8820, Société Générale's FX analysts note.

Pound Sterling (GBP) is likely to trade in a range between 1.3130 and 1.3190. In the longer run, GBP is likely to edge higher within a range of 1.3065/1.3230, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The Indian Rupee (INR) trades flat against the US Dollar (USD) on Tuesday. The USD/INR pair remains sideways around 88.85 for almost a week as investors await a breakthrough in trade talks between the United States (US) and India.