Bitcoin (BTC) price is trading near $67,000 at the time of writing on Tuesday, extending its recovery after rebounding from a key technical level the previous day. Institutional demand supports a mild improvement as spot Exchange Traded Funds (ETFs) show modest flow.

ING’s Chris Turner notes short-dated Euro swap rates have started to edge lower after a sharp spike, but real rate differentials have moved against EUR/USD. He argues this could be Euro-negative if the ECB refrains from an April hike while inflation expectations stay high.

India Trade Deficit – RBI dipped from previous -68.5B to -87.4B in 3Q

Italy Industrial Sales n.s.a. (YoY) declined to -1% in January from previous 3.6%

Italy Industrial Sales s.a. (MoM) fell from previous 0.5% to -0.3% in January

Rabobank’s Global Strategist Michael Every highlights that Brent has eased to around $111 and WTI to $102 despite a Kuwaiti tanker being hit, while European and African Oil markets are tightening as Asia fills supply gaps. He cites Bloomberg’s warning of $140 Oil if Red Sea shipping is hit again.

The EUR/USD’s tame recovery attempts seen earlier on Tuesday have been capped below 1.1490, before the release of softer-than-expected Eurozone Harmonised Index of Consumer Prices (HICP) figures.

Michael Pfister at Commerzbank notes that Norwegian Krone (NOK) has outperformed Swedish Krona (SEK) thanks to Norway’s energy-exporter status during the war-related commodity shock, despite similar rate expectations.

Nordea’s Chief Analyst Anders Svendsen and Chief Economist Tuuli Koivu note Euro area inflation rose to 2.5% year-on-year in March and is expected to approach 3% in coming months.

Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $73.14 per troy ounce, up 4.36% from the $70.09 it cost on Monday.

The Australian Dollar (AUD) trades higher against its major currency peers, with the AUD/USD pair rising 0.15% to near 0.6865, during the European trading session on Tuesday.

Standard Chartered analysts Nicholas Chia and Chong Hoon Park highlight that new Bank of Japan (BoJ) indicators show underlying inflation near or above the 2% target and a positive output gap since Q1 2022, suggesting growth above potential.

ING’s Chris Turner argues the Dollar (USD) could ease as US light crude trades above $100 and markets look for signs of de-escalation in the Middle East. A relaxed Federal Reserve (Fed) tone has pushed money markets back toward pricing a rate cut by year-end.

USD/KRW rallies on Tuesday, trading around 1,529.70 at the time of writing, up 0.93% on the day after hitting an intraday peak at 1,536.04, its highest level since March 2009.

MUFG’s Senior Currency Analyst Lee Hardman highlights that the Japanese Yen (JPY) has held recent gains, with USD/JPY dipping below 160.00 as officials step up verbal intervention.

Eurozone Harmonized Index of Consumer Prices (MoM) increased to 1.2% in March from previous 0.6%

NZD/USD extends its losing streak for the sixth successive day, trading around 0.5710 during the European hours on Tuesday. The technical analysis of the daily chart signals a persistent bearish bias as the pair is moving downwards within a descending channel pattern.

Eurozone Core Harmonized Index of Consumer Prices (YoY) came in at 2.3% below forecasts (2.4%) in March

Eurozone Harmonized Index of Consumer Prices (MoM) rose from previous 0.6% to 1.9% in March

Eurozone Core Harmonized Index of Consumer Prices (MoM): 0.8% (March)

Italy Consumer Price Index (MoM) in line with forecasts (0.5%) in March

Italy Consumer Price Index (EU Norm) (YoY) unchanged at 1.5% in March

Italy Consumer Price Index (YoY) rose from previous 1.5% to 1.7% in March

Italy Consumer Price Index (EU Norm) (MoM) increased to 1.6% in March from previous 0.5%

Greece Retail Sales (YoY) down to 4.5% in January from previous 5.1%

Eurozone Harmonized Index of Consumer Prices (YoY) registered at 2.5%, below expectations (2.7%) in March

Deutsche Bank’s Marc Schattenberg notes that the German labor market shows little evidence of a spring recovery, with unemployment still slightly above 3 million and seasonally adjusted figures flat.