Gold (XAU/USD) drifts lower on Tuesday after retesting its record high near $4,380 on Monday. The pullback comes as the US Dollar (USD) extends its recovery gains and traders lock in profits following an overextended rally.

The Canadian Dollar (CAD) steadies against the US Dollar (USD) on Tuesday, with USD/CAD erasing earlier gains following stronger-than-expected September inflation data. At the time of writing, the pair is trading around 1.4030, easing from session highs.

According to the International Copper Study Group, the global Copper market recorded a supply surplus of 147 thousand tons in the first eight months of the year, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

Record high local Gold prices have apparently had no dampening effect on Gold demand in India recently – quite the contrary, Commerzbank's commodity analyst Carsten Fritsch notes.

The Gold price came under pressure on Friday and ultimately closed trading down 1.7% at $4,250 per troy ounce, Commerzbank's commodity analyst Carsten Fritsch notes.

Nevertheless, there was a surplus of 570,000 barrels per day in China in September when crude Oil processing data is compared with crude Oil import and domestic crude Oil production data, Commerzbank's commodity analyst Carsten Fritsch notes.

EUR/CAD drops by 0.40% on Tuesday at the time of writing, trading around 1.6270, as the Canadian Dollar (CAD) appreciates following stronger-than-expected inflation data.

According to data from the National Bureau of Statistics, refineries in China processed 62.7 million tons of crude Oil in September, Commerzbank's commodity analyst Carsten Fritsch notes.

United States Redbook Index (YoY) down to 5% in October 17 from previous 5.9%

Canada’s inflation edged higher in September, with the Consumer Price Index (CPI) rising 2.4% from a year earlier, up from August’s 1.9% increase, according to Statistics Canada. The figure came in just above market expectations, while prices gained 0.1% on a monthly basis.

Canada Consumer Price Index - Core (MoM): 0.3% (September) vs 0.2%

Canada Consumer Price Index - Core (MoM) remains unchanged at 0.2% in September

Canada Consumer Price Index (YoY) came in at 2.4%, above expectations (2.3%) in September

Canada Consumer Price Index (MoM) above expectations (-0.1%) in September: Actual (0.1%)

Canada BoC Consumer Price Index Core (YoY) rose from previous 2.6% to 2.8% in September

Canada BoC Consumer Price Index Core (MoM) increased to 0.2% in September from previous 0%

EUR/USD moves lower for the third consecutive day on Tuesday, trading at the 1.1615 area at the time of writing, after having peaked at 1.1728 on Friday.

Gold was rejected at the $4,380 area for the second time on Monday, and the precious metal has lost more than $100 on Tuesday, reverting the previous day’s gains, with precious metals hammered by an improving market sentiment and a stronger US Dollar.US President Trump calmed markets on Monday, anno

The Pound Sterling (GBP) extends its losing streak against the US Dollar (USD) for the third trading day on Tuesday. The GBP/USD pair slides further to near 1.3370 as the US Dollar extends its recovery move amid growing expectations that the United States (US) and China will reach a trade deal soon.

The AUD/USD pair is down over 0.5% to near 0.6480 during the European trading session on Tuesday.

USD/JPY trades around 151.90 on Tuesday, up 0.80% for the day at the time of writing, as investors react to the confirmation of Japan’s new government and the unveiling of its cabinet.

New Zealand Dollar’s rejection at the 0.5750-0.5760 resistance area on Monday has reactivated bearish pressure on the pair, pushing prices to the bottom of last week’s trading range, right above 0.5700, which is being tested at the moment.Positive comments from US President Trump, who showed hopes o

According to a poll by Reuters, 115 of 117 economists have predicted that the Federal Reserve (Fed) will reduce interest rates by 25 basis points (bps) to 3.75%-4.00% in the monetary policy announcement on October 29.

The National Bank of Hungary (NBH) is widely expected to keep the base rate unchanged at 6.50%, BBH FX analysts report.

US Dollar (USD) could trade in a range, likely between 7.1190 and 7.1300. In the longer run, USD could drop to 7.1130; a clear break below this level will shift the focus to 7.1000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/CAD is firmer near the top-end of a multi-day 1.4000-1.4080 range. Canada’s September CPI print is up next (1:30pm London, 8:30am New York), BBH FX analysts report.

The outlook for New Zealand Dollar (NZD) is neutral now, and it is likely to trade in a range between 0.5685 and 0.5770, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY rallied by roughly 0.8% to 151.60. Unverified sources signal that Bank of Japan (BOJ) officials are of the view there’s no urgency to hike the benchmark rate next week. Interest rate futures quickly slashed BOJ October rate hike bets from 25% to under 10%, BBH FX analysts report.

Australian Dollar (AUD) is facing mild upward pressure and may edge higher to 0.6530; it is unlikely to break clearly above this level. In the longer run, for the time being, AUD is expected to trade in a sideways range of 0.6445/0.6555, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

United Kingdom NIESR GDP Estimate (3M): 5.294% (September) vs 0.3%