AUD/USD trades higher near 0.6915 on Tuesday as investors digest the latest Reserve Bank of Australia (RBA) Meeting Minutes and a modest improvement in United States (US) Consumer Confidence.
USD/JPY trades around 162.65 at the time of writing, up 0.44% on the day, and remains close to its highest level in several decades.
The Euro (EUR) stages a rebound against the US Dollar (USD) on Tuesday as month-end repositioning weighs modestly on the Greenback, limiting support from upbeat US economic data. At the time of writing, EUR/USD trades around 1.1415 after hitting an intraday low of 1.1382.
The Pound Sterling (GBP) advances 0.11% on Tuesday against the US Dollar (USD) despite UK data showing the economy is slowing, while the latest US jobs report indicated that the number of vacancies rose in May, according to the US Bureau of Labor Statistics.
Gold (XAU/USD) rebounds on Tuesday after falling to a fresh seven-month low of $3,941 in the Asian session, as dip buyers help the precious metal recover some of its losses. At the time of writing, XAU/USD trades around $4,030 after hitting an intraday high of $4,063.
Silver (XAG/USD) edges higher on Tuesday as the US Dollar (USD) trims part of its intraday gains despite upbeat US economic data. At the time of writing, XAG/USD trades around $59.70, up nearly 2.5% on the day.
Royal Bank of Canada (RBC) economist Abbey Xu notes that Canadian Gross Domestic Product (GDP) rose 0.5% in April, beating Statistics Canada’s 0.4% advance estimate and marking the strongest monthly gain since July 2025.
Beth Hammack, President of the Federal Reserve (Fed) Bank of Cleveland, told CNBC on Tuesday that the United States (US) economy remains resilient. The labor market is near full employment, and growth still looking solid.
TD Securities’ macro team led by Oscar Munoz expects headline US Nonfarm Payrolls to slow to 80k in June, with 55k private and 25k government jobs, marking a return to breakeven job growth. The Unemployment Rate is forecast to edge down to 4.2% as participation slips.
ING’s Michiel Tukker and Benjamin Schroeder argue that reduced Oil sensitivity in rates and lingering uncertainty should prevent a strong dovish turn from the ECB.
Scotiabank’s FX strategists report that EUR/USD is softer as regional inflation data point to downside risks for national CPI, even as ECB President Lagarde signals that more tightening could come. Swaps price modest additional tightening by September.
Nordea’s Senior Macro and FX Strategist Sara Midtgaard notes that the Norwegian Krone (NOK) weakened in June, with EUR/NOK peaking near 11.35, but now sees limited further upside.
USD/CAD trims its intraday gains on Tuesday as the Canadian Dollar (CAD) strengthens after the latest Canadian Gross Domestic Product (GDP) data surprised to the upside. At the time of writing, the pair trades around 1.4203 after hitting an intraday high of 1.4247.
West Texas Intermediate (WTI) US Oil trades higher on Tuesday, hovering around $70.80 per barrel at the time of writing, rebounding despite ongoing uncertainty surrounding relations between the United States (US) and Iran.
Commerzbank’s Barbara Lambrecht notes that the LMEX index remains under pressure even as China’s manufacturing PMI edges above 50, supporting Copper via AI-driven exports.
US consumer sentiment gains terrain in June, as the Conference Board’s Consumer Confidence Index rises to 91.2 from May’s 90.6 (revised from 93.1).
According to Tuesday’s Job Openings and Labor Turnover Survey (JOLTS) from the US Bureau of Labor Statistics (BLS), job openings totalled 7.594 million at the end of May.
TD Securities strategists argue that recent improvements in Canadian growth data justify a more constructive view on the Canadian Dollar (CAD).
ING’s Chris Turner notes that USD/JPY has broken above its 2024 highs near 162, reaching levels last seen in the 1980s, with traders focused on potential Bank of Japan (BoJ) action.
OCBC’s Sim Moh Siong notes that the US Dollar (USD) softened slightly as global risk appetite improved on easing geopolitical tensions and a tech rebound.
Rabobank's Senior FX Strategist Jane Foley outlines her baseline view on Bank of England (BoE) policy, citing softer United Kingdom (UK) Consumer Price Index (CPI), lower Oil prices and a slack labour market.
According to a Reuters poll published on Tuesday, analysts have lowered their 2026 Oil price forecasts for the first time since the Iran war began as shipping through the Strait of Hormuz gradually improves, easing concerns over prolonged supply disruptions.
EUR/JPY trades modestly higher on Tuesday, hovering around 185.10 at the time of writing, up 0.07% on the day. The pair is supported by a resilient Euro (EUR) despite softer-than-expected German inflation data.
Societe Generale strategists note that USD/INR is trading in a tight range, with robust foreign portfolio inflows into Indian debt and supportive domestic factors offset by a hawkish Federal Reserve (Fed) stance.
GBP/JPY trades in a narrow range on Tuesday, struggling to build on the previous day's gains as traders remain wary of a possible intervention by Japanese authorities after the Japanese Yen (JPY) weakened to a fresh 40-year low against the US Dollar (USD).
National Bank of Canada's (NBC) Taylor Schleich and Vy Le note that United States (US) growth expectations remain healthy, with GDP projected to expand above 2% in 2026, but they see a less benign inflation outlook.
OCBC strategists Sim Moh Siong and Christopher Wong highlight that the Pound (GBP) remains resilient to local political developments and fiscal risks, supported by foreign inflows into gilts and the Bank of England’s (BoE) reluctance to ease policy amid resilient growth and disinflation.
Annual inflation in Germany, as measured by the change in the Consumer Price Index (CPI), softened to 2.3% in June's flash estimate from 2.6% in May. This print came in below the market expectation of 2.5%. On a monthly basis, the CPI declined 0.3% following the 0.2% decrease recorded in May.
Commerzbank’s Carsten Fritsch reports that Gold briefly dipped below USD 4,000 per troy ounce before bargain buying emerged, yet the metal is still heading for its largest quarterly drop in 13 years and a steep monthly decline.
The Swiss Franc (CHF) trades lower against the US Dollar (USD) as the latter outperforms amid firm expectations that the Federal Reserve (Fed) will raise interest rates at least once this year.
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