Germany 5-y Note Auction up to 2.74% from previous 2.72%

OCBC strategists Sim Moh Siong and Christopher Wong note Gold steadied after an early stumble and remains underpinned by unresolved geopolitical risks and structural demand.

United States NFIB Business Optimism Index came in at 95.8, below expectations (98.6) in March

Deutsche Bank analysts note that Brent Oil has retreated below $100 as hopes grow for a US–Iran deal, easing fears of a stagflationary shock.

ING strategist Francesco Pesole notes that Bank of England Governor Andrew Bailey and hawkish MPC members Catherine Mann and Megan Greene speak today, with Greene recently sounding more balanced.

Rabobank strategists note that US stocks have risen even as the Hormuz crisis threatens higher energy costs.

Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $77.89 per troy ounce, up 3.00% from the $75.62 it cost on Monday.

Commerzbank’s Volkmar Baur highlights Australia’s growing dependence on imported diesel, with around 87% of demand met by imports in 2025.

Societe Generale strategists note EUR/USD has squeezed through 1.1750 and is approaching its pre-conflict level of 1.18, with support at 1.1673 and resistance at 1.1830.

OCBC strategists Sim Moh Siong and Christopher Wong highlight that Japanese Yen underperformed despite a softer US Dollar, as muted BoJ communication left it isolated. Markets have pared April BoJ hike expectations, yet OCBC still sees an April rate hike as likely.

The Euro (EUR) keeps trading sideways around 0.8700 against the British Pound GBP) on Tuesday.

EUR/CAD remains flat after registering little losses in the previous day, trading around 1.6220 during the European hours on Tuesday.

ING’s Frantisek Taborsky reports a strong post-election rally in Hungarian rates, especially at the long end, with FX appreciation slower than expected, suggesting heavy pre-election positioning.

The Pound Sterling (GBP) outperforms the US Dollar (USD), while trading mixed against other currency peers, during the European trading session on Tuesday.

Spain 9-Month Letras Auction rose from previous 2.164% to 2.461%

Spain 3-Month Letras Auction increased to 2.111% from previous 1.964%

European Central Bank (ECB) Governing Council member Olli Rehn said that the damage inflicted on energy production infrastructure in the Middle East could have lasting consequences, even after the most intense phase of the conflict ends.

DBS Group Research’s Eugene Leow assesses Gold with a cautiously constructive stance, highlighting a divergence between speculative futures traders and strategic ETF and physical buyers.

EUR/JPY halts its three-day winning streak, inching lower after reaching all-time highs and trading around 187.40 during the European hours on Tuesday.

MUFG’s Senior Currency Analyst Lee Hardman highlights continued Japanese Yen underperformance, with USD/JPY trading just below 160.00 even as the US Dollar (USD) weakens elsewhere.

Silver (XAG/USD) is rushing higher on Tuesday, reaching fresh two-week highs right below $78.00 at the time of writing, after bouncing from lows around $72.60 on Monday.

ING’s Francesco Pesole highlights that ECB President Christine Lagarde and other Governing Council members are expected to maintain a broadly hawkish tone given Gulf volatility. Markets price modest tightening at the 30 April meeting and two further hikes this year.

Dow Jones futures rise 0.12% to near 48,500 during European hours on Tuesday, ahead of the regular opening in the United States (US). Meanwhile, S&P 500 and Nasdaq 100 futures also advance 0.16% and 0.28% to near 6,930 and 25,600, respectively, at the time of writing.

UOB strategists Lee Sue Ann and Quek Ser Leang note AUD/USD rebounded sharply from 0.6979 to 0.7101, leaving the pair overextended in the near term. They see scope for a further push toward 0.7120, while questioning whether momentum is strong enough to reach 0.7155.

The Australian Dollar (AUD) underperforms its major currency peers, except the US Dollar (USD), during the European trading session on Tuesday.

Deutsche Bank analysts report that the S&P 500 has recovered above its pre‑strike level as markets price a temporary conflict and potential US–Iran talks.

The (EUR) trades higher against the US Dollar (USD) for the seventh consecutive day on Tuesday.