MUFG’s Lee Hardman notes USD/JPY is holding just below year-to-date highs as a negative energy price shock weighs on the Japanese Yen. Rising Brent prices linked to US–Iran tensions and Houthi threats to shipping highlight global supply risks.

Commerzbank’s Tatha Ghose expects the central bank of Hungary Magyar Nemzeti Bank (MNB) to cut its base rate by 25bp to 5.75%, continuing June’s easing cycle.

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Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $58.96 per troy ounce, up 4.54% from the $56.40 it cost on Monday.

EMEA (Europe, the Middle East, and Africa) strategist Frantisek Taborsky at ING says regional data in Poland and the Czech Republic are constructive, but Central and Eastern European (CEE) FX remains driven by US–Iran tensions and Oil prices.

OCBC’s Sim Moh Siong and Christopher Wong highlight rising geopolitical risks around Middle East supply routes, warning that a deeper conflict could push Oil back above USD100/bbl and revive volatility.

GBP/USD remains weaker for the fourth consecutive day, trading around 1.3430 during the European hours on Tuesday. The technical analysis of the daily chart indicates a prevailing bullish bias as the pair remains within the ascending channel.

German ZEW Survey - Economic Sentiment arrives at 26.3 in July, beating the estimates of 18.0 and the June reading of 10.5.

United Overseas Bank’s (UOB) Quek Ser Leang judges GBP/USD price action as range-bound after an unexpected intraday spike and sharp drop. The pair is now expected to hold between 1.3400 and 1.3460 in the short term, with a broader 1.3385–1.3495 range for the coming weeks.

Eurozone ZEW Survey – Economic Sentiment came in at 23.4, above expectations (11.2) in July

Germany ZEW Survey – Economic Sentiment came in at 26.3, above expectations (18) in July

Germany ZEW Survey – Current Situation above forecasts (-77.8) in July: Actual (-77.6)

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on the previous day's late rebound from the $79.50-$79.45 area and trades with a negative bias through the first half of the European session on Tuesday.

Bitcoin (BTC) extends its gains, trading above $65,800 on Tuesday after closing above the key technical hurdle the previous day. The bullish price action is further supported by the return of institutional demand, with spot Exchange Traded Funds (ETFs) continuing their inflows on Monday.

Silver (XAG/USD) is rallying, favoured by a mild US Dollar weakness on Tuesday.

ING Commodities Strategists Warren Patterson and Ewa Manthey report Copper prices are supported by tightening physical conditions in China. Yangshan import premiums have surged on scrap shortages and smelter maintenance outages, while Chinese and LME inventories are low.

TradingKey - 골드만삭스 ( GS) 글로벌 원자재 리서치 팀은 최신 보고서를 통해 호르무즈 해협을 통한 원유 및 석유제품 수송이 계속해서 심각한 차질을 빚을 경우 브렌트유 ( UKOIL) 가격이 2026년 4분기에 배럴당 120달러를 넘어설 수 있다고 전망했다. 또한 골드만삭스는 120달러가 현재의 기본 전망치가 아니며, 해협 내 통항 제한 장기화

The US Dollar (USD) trades marginally lower against its major currency peers in Tuesday’s European session, as the appeal of safe-haven assets has diminished due to hopes of a ceasefire between the United States (US) and Iran.

Volkmar Baur at Commerzbank notes that new United States (US) tariffs of 50% on selected Canadian dairy, alcohol and automobile products under Section 338 will remove United States-Mexico-Canada Agreement (USMCA) exemptions.

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Dow Jones futures gain 0.29% to trade around 52,220 during European trading hours on Tuesday. Meanwhile, S&P 500 futures and Nasdaq 100 futures advance 0.44% and 1.12%, trading near 7,520 and 29,100, respectively.

Societe Generale’s Asian FX strategists, including Santosh Ejanthkar and Tanmay Purohit, report that the Indian Rupee (INR) is threatening to retest its record low near 96.9550/USD after Brent crude rose above $90.

The USD/CAD pair retreats around 25-30 pips from a one-week high set earlier this Tuesday, and hits a fresh daily low during the first half of the European session.

MUFG’s Michael Wan notes that disruptions in the Strait of Hormuz have shifted more Middle East Oil flows toward the Red Sea and Bab el-Mandeb, increasing vulnerability to regional conflict.

Greece Current Account (YoY) increased to €-0.96B in May from previous €-1.389B

A statement from United Kingdom (UK) lawmaker Darren Jones, an ally of former prime minister (PM) Keir Starmer, that the funding source of tax cuts on energy bills, as promised by new PM Andy Burnham, was already unfunded, has pushed political stability optimism under the scanner.

USD/JPY gains ground for the fourth successive day, trading around 162.60 during the European hours on Tuesday. Japanese banks will be closed due to Marine Day bank holiday.