Commerzbank’s Michael Pfister expects the Hungarian central bank to resume interest rate cuts, with consensus looking for a 25 basis point move. A strong Hungarian Forint and lower-than-expected inflation provide room for easing, leaving real rates high.

EUR/JPY extends its losses for the second successive day, trading around 184.30 during the European hours on Tuesday. The currency cross depreciates following the release of HCOB Purchasing Managers Index (PMI) data from Germany. Attention is shifted toward Eurozone PMI data due later in the day.

Danske Research Team reports that global equities advanced, but underlying performance was highly dispersed, with US consumer and communication services names under pressure while most S&P 500 sectors and small caps gained.

German preliminary HCOB Manufacturing PMI arrives lower at 50.0 in June, as expected, from 50.1 in May. The 50.0 figure is a boundary line that separates expansion from contraction.

France Business Climate in Manufacturing below expectations (101) in June: Actual (100)

The Bank of Japan (BoJ) said on Tuesday that Japan's core consumer inflation rate excluding one-off factors, as measured by the Japanese central bank's new gauge, climbed 2.7% in May. This figure exceeded the BoJ’s 2% target and eased from 2.8% in April. 

India HSBC Services PMI down to 57.3 in June from previous 59.8

India HSBC Manufacturing PMI dipped from previous 55 to 54.5 in June

India HSBC Composite PMI dipped from previous 59.3 to 57.4 in June

Singapore Consumer Price Index (YoY) registered at 1.8, below expectations (2) in May

USD/IDR extends its gains for the second consecutive day, trading around 17,900 during the Asian hours on Tuesday. Meanwhile, severe economic headwinds are building for Southeast Asia's largest economy.

Most Asian equity markets fell on Tuesday, tracking the overnight slump in US technology stocks, prompting investors to take profits following a powerful artificial intelligence-driven rally.

AUD/USD extends its losses for the sixth consecutive day, trading around 0.6980 during the Asian hours on Tuesday. The pair remains subdued despite the release of improved preliminary Australian S&P Global Purchasing Managers Index (PMI) data.

Japan’s Chief Cabinet Secretary Minoru Kihara said that he will take appropriate action against the foreign exchang (FX) moves if needed, Reuters reported on Tuesday.

Japan’s Finance Minister Satsuki Katayama said that she held virtual talks with US Treasury Secretary Scott Bessent on Monday, discussing global financial markets and Iran conflict effects.

Japan Jibun Bank Services PMI increased to 51.8 in June from previous 50

Japan Jibun Bank Manufacturing PMI above expectations (54.5) in June: Actual (54.9)

US Vice President (VP) JD Vance said that talks between the United States (US) and Iran have made “great progress” despite “threatening” and “whining,” CNBC reported on Tuesday.

The preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI) rose to 51.2 in June versus 50.7 prior, the latest data published by S&P Global showed on Tuesday.

Australia S&P Global Manufacturing PMI rose from previous 50.7 to 51.2 in June

Australia S&P Global Services PMI: 49.9 (June) vs 48.7

Australia S&P Global Composite PMI rose from previous 48.7 to 49.8 in June

The 60-day framework that Trump and Iran's president signed at Versailles on June 17 was meant to wind the war down and reopen the Strait of Hormuz. A week on, the two capitals cannot agree on what the document actually says.

South Korea Consumer Sentiment Index increased to 106.6 in June from previous 106.1

United States CFTC Oil NC Net Positions dipped from previous 130.3K to 124.5K

United Kingdom CFTC GBP NC Net Positions dipped from previous £-64.2K to £-71.6K

United States CFTC S&P 500 NC Net Positions: $-194K vs $-205.6K

Australia CFTC AUD NC Net Positions declined to $-4.1K from previous $18.2K

United States CFTC Gold NC Net Positions up to $180.2K from previous $173.8K

Eurozone CFTC EUR NC Net Positions: €34.4K vs €13.9K