United States API Weekly Crude Oil Stock came in at -2.188M below forecasts (-1.65M) in May 8

Silver price steadies following Monday’s advance of over 7%; gains 0.69% and trades at $86.58 after bouncing off daily lows of $83.05 at the time of writing.

DBS' Senior Economist Ma Tieying revises her Taiwan policy rate outlook after upgrading 2026 Gross Domestic Product (GDP) and Consumer Price Index (CPI) forecasts. She now expects a 12.5bps hike in 3Q, taking the policy discount rate from 2.00% to 2.125%.

The US Dollar Index (DXY) rallied toward the 98.30 region on Tuesday as hotter-than-expected United States (US) inflation data boosted Treasury yields and reinforced expectations that the Federal Reserve (Fed) may keep interest rates elevated for longer.

TD Securities economists judge that April Consumer Price Index (CPI) strength was driven by shelter and energy, but see core Personal Consumption Expenditures (PCE) Price Index running softer than CPI. They argue tariff pass-through is fading and supercore PCE should ease.

GBP/USD retreats by over 0.55% on Tuesday amid political turmoil in the UK, as pressure mounts on Prime Minister Keir Starmer to step aside following cabinet resignations. Technically, the formation of a ‘dark-cloud cover’ suggests further downside if sellers drive the pair below 1.3500.

MUFG’s Lloyd Chan notes that USD/MYR has broken lower and remains constructive on the Ringgit, expecting fundamentals to support Ringgit appreciation over the next 12 months.

Gold (XAU/USD) price falls more than 1% on Tuesday as US inflation came in hotter than expected, prompting investors to price out Federal Reserve (Fed) rate cuts in 2026. The XAU/USD pair trades at $4,678 after reaching a daily high of $4,773.

Joachim Nagel, President of the Bundesbank and member of the European Central Bank (ECB), told Handelsblatt on Tuesday that ECB rate hikes are becoming increasingly likely with the high inflation that is ahead of them.

Kunal Kundu of Societe Generale argues that India’s Goods and Services Tax (GST) data and Index of Industrial Production (IIP) figures point to a soft consumption backbone.

Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, said that without central bank independence, inflation will come roaring back at the Greater Rockford Chamber of Commerce in Rockford, Illinois on Tuesday.

The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, climbs to a five-day high on Tuesday as stronger-than-expected US inflation data bolsters the hawkish Federal Reserve (Fed) outlook.

United States Monthly Budget Statement below forecasts ($220B) in April: Actual ($215B)

Commerzbank’s Barbara Lambrecht and colleagues note Brent has jumped as Iran–US tensions escalate and US policy debates gasoline tax relief. China’s crude Oil imports fell sharply in April, with further declines expected as shipments from Saudi Arabia and Iran drop.

West Texas Intermediate (WTI) crude Oil rallies more than 3% on Tuesday as fading hopes for a near-term end to the US-Iran war continue to fuel concerns over supply disruptions through the Strait of Hormuz.

TD Securities’ FX team, led by Jayati Bharadwaj and colleagues, keeps a neutral short-term stance on the US Dollar (USD) following the April United States (US) Consumer Price Index (CPI) release.

NZD/USD trades around 0.5940 on Tuesday at the time of writing, down 0.41% on the day, pressured by stronger-than-expected inflation data from the United States (US).

United States 10-Year Note Auction rose from previous 4.282% to 4.468%

Kevin Warsh squeaked through the Senate 51-45 on Tuesday to claim a seat on the Federal Reserve (Fed) Board of Governors, with the separate vote to confirm him as Fed Chair scheduled for Wednesday and Jerome Powell's term as chair wrapping up on Friday.

The United States (US) Senate Banking Committee released the full text of the Digital Asset Market Clarity Act, commonly known as the Clarity Act, ahead of the scheduled markup vote on Thursday.

Dow Jones Industrial Average (DJIA) futures spent the overnight session in a tight range between 49,600 and 49,700, with little appetite to pick a side ahead of the April Consumer Price Index (CPI).

The AUD/USD pair fell toward the 0.7220 region on Tuesday after hotter-than-expected United States (US) inflation data boosted the US Dollar (USD) and reinforced expectations that the Federal Reserve (Fed) may keep interest rates elevated for longer.

United States 52-Week Bill Auction increased to 3.65% from previous 3.56%

USD/JPY trades around 157.65 on Tuesday at the time of writing, up 0.30% on the day.

EUR/JPY falls by some 0.18% on Tuesday as the Japanese Yen strengthened after US Treasury Secretary Scott Bessent said excess volatility in the FX markets is undesirable. At the time of writing, the cross-pair trades at 184.93 after peaking at around 185.46.

MUFG’s Lee Hardman reports that the Pound (GBP) has weakened as UK political uncertainty intensifies after poor local election results for the government. EUR/GBP has risen and cable has fallen, with Gilts selling off modestly.

USD/CAD trades with a positive tone on Tuesday as a stronger US Dollar (USD) offsets support from elevated Oil prices for the Canadian Dollar (CAD). At the time of writing, the pair is trading around 1.3715, hovering near its highest level since April 16.