United States API Weekly Crude Oil Stock registered at -9.1M, below expectations (-3.4M) in May 15

USD/JPY rally extends for the seventh straight day, up 0.10% to a 12-day high of 159.25, despite growing fears of Japanese authorities intervening in FX markets. At the time of writing, the pair trades near 159.00.

Ethereum (ETH) is hovering around $2,110, up 0.5% on Tuesday after facing strong selling pressure over the past week. The top altcoin declined from above $2,300 after retail wallet distributions.

HSBC reviews China’s April 2026 data, noting soft Retail Sales and a sharp fall in Fixed Asset Investment alongside resilient services and solid Industrial Production. CPI remains stable while PPI accelerates on Oil and AI-related demand.

Silver (XAG/USD) remains under pressure on Tuesday as a stronger US Dollar and rising US Treasury yields continue to weigh on the precious metal amid growing expectations that the Federal Reserve (Fed) may need to raise interest rates to tackle rising Oil-driven inflation pressures.

Gold (XAU/USD) price falls over 1.3% on Tuesday as the Greenback posts solid gains underpinned by US Treasury yields, with the 10-year note yield near a 16-month peak. At the time of writing, XAU/USD trades at $4,506 after reaching a high of $4,589.

Bank of Japan (BoJ) Governor Kazuo Ueda told reporters that they need to closely monitor signs of upward price pressure and that he will take appropriate monetary policy to achieve the BoJ inflation target, after a Group of Seven finance chiefs and central bankers' meeting in Paris on Tuesday.

The EUR/USD pair weakens toward the 1.1600 region on Tuesday as the United States (US) Dollar (USD) strengthens following solid labor-market data and rising Treasury yields, while mixed developments in the Eurozone limit support for the shared currency.

The US Dollar Index (DXY), which tracks the Greenback's value against a basket of six major currencies, extends its rally on Tuesday, climbing near more than one-month highs as stalled US-Iran negotiations and hawkish Federal Reserve (Fed) expectations support the US Dollar.

West Texas Intermediate (WTI) trades around $103.20 at the time of writing on Tuesday, up 1.16% on the day and extending its advance for a fourth consecutive day.

Polymarket launched on Tuesday prediction markets linked to the performance of private companies, effectively providing investors with access to startups and unicorns with a combined valuation of over $5 trillion.

The Dow gave up a chunk of last week's record run on Tuesday, sliding back from the 50K handle it had briefly tagged days earlier, with the broader equity tape leaning lower as bonds did the heavy lifting on the downside.

The British Pound retreats by 0.31% during the North American session as the Greenback rises, underpinned by soaring US Treasury yields as investors price in a spike in inflation from the energy shock. The GBP/USD trades at 1.3392 after reaching a daily high of 1.3437.

Royal Bank of Canada (RBC) economist Abbey Xu notes that Canadian inflation accelerated in April, mainly due to higher energy prices and fading base effects, while underlying pressures stayed contained.

United States (US) President Donald Trump said on Tuesday that he might restart attacks on Iran, but that he hasn't made up his mind. He also claimed that Iran is begging to make a deal while speaking to reporters at the White House on Tuesday.

BNP Paribas economists note Germany is moving away from its traditional reliance on automotive and chemicals towards defence, aerospace and electronic equipment.

US 30-Year Treasury Yield and US 10-Year Treasury Yield continue to advance on Tuesday, with the 30-year yield trading at 5.195% and the 10-year yield at 4.683% at the time of writing.

Rabobank’s energy team sees the UAE’s departure from OPEC (Organization of Petroleum Exporting Countries) as a potential catalyst for further cartel erosion and structurally lower Oil prices.

The Euro (EUR) weakens against the Canadian Dollar (CAD) on Tuesday as rising Oil prices linked to the US-Iran conflict continue to support the commodity-linked Loonie, even as the latest Canadian inflation data came in softer than expected.

New Zealand GDT Price Index: 0.6% vs previous 1.5%

The cryptocurrency market is broadly facing headwinds on Tuesday as geopolitical tensions in the Middle East over the US-Iran conflict escalate, driving Oil prices above $103 for West Texas Intermediate (WTI).

TD Securities’ FX strategists Howard Du and Linda Cheng note that soft April Canada inflation and weak employment data should keep USD/CAD supported near 1.37 in Q2 2026.

Scotiabank strategists Shaun Osborne and Eric Theoret note GBP/USD is slightly lower versus the US Dollar (USD) but outperforming most G10 peers.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that the US Dollar Index (DXY) is likely to overshoot the upper end of its 96.00–100.00 range as resilient United States (US) economic activity and a positive net energy balance support a more restrictive Federal Reserve (Fed).

Barbara Lambrecht and Volkmar Baur at Commerzbank highlight diverging trends in Chinese metals. Aluminium output hit a record daily rate in April, driven by strong margins and breaching the official annual cap, yet domestic inventories have doubled to a six‑year high as demand lags.

Philip Wee of DBS Group Research explains how Oil prices shape the Bank of England’s (BoE) policy outlook. The baseline assumes Oil around USD108 supports manageable second-round inflation effects and may require one or two rate hikes.

NZD/USD trades around 0.5835 on Tuesday at the time of writing, down 0.65% on the day as the New Zealand Dollar (NZD) faces renewed selling pressure against the US Dollar (USD).