The AUD/USD pair trades 0.35% higher to near 0.6945 during the European trading session on Tuesday. The Aussie pair gains as the US Dollar (USD) underperforms its peers ahead of the United States (US) Consumer Price Index (CPI) data for June, which will be published at 12:30 GMT.

Oil prices extend gains on Tuesday, with the barrel of the US benchmark West Texas Intermediate (WTI) consolidating at one-month highs in the $80.00 area, trading about 18% above the lows seen in early July.

XAG/USD gains ground after two days of losses, trading around $58.10 per troy ounce during the European hours on Tuesday. The technical analysis of the daily chart shows that the spot price is remaining within the descending channel pattern.

The USD/JPY pair remains on the back foot through the first half of the European session on Tuesday. Intervention risks support the Japanese Yen (JPY) and act as a headwind for spot prices amid a softer US Dollar (USD).

West Texas Intermediate (WTI) oil price continues to gain ground, trading around $80.20 per barrel during the European hours on Tuesday. Crude oil prices rise due to rising supply concerns, which could be attributed to the escalating United States (US)-Iran tensions.

Silver price (XAG/USD) is up 0.75% to near $58 during the European trading session on Tuesday.

The NZD/USD pair catches aggressive bids during the Asian session on Tuesday and jumps to a nearly four-week top in the last hour amid a combination of supporting factors.

AUD/USD edges higher after posting 0.5% losses in the previous day, trading around 0.6930 during the Asian hours on Tuesday. The technical analysis of the daily chart shows the pair remaining within the descending channel pattern, suggesting a prevailing bearish bias.

The United Arab Emirates (UAE) Ministry of Defence said that two UAE national tankers, the Mombasa and Al Bahiyah, were targeted by two Iranian cruise missiles in the southern lane of the Strait of Hormuz, in Omani territorial waters, Reuters reported on Tuesday.