Gold has fallen for a third consecutive week, dropping to its lowest level since mid-June as a stronger US Dollar and hawkish Federal Reserve expectations erode the metal's appeal.

S&P Global will release the June flash Purchasing Managers' Indices (PMIs) for most major economies, with the United States (US) data scheduled on Tuesday. These surveys of top private-sector executives are seen as an early indicator of the country’s economic health.

European Central Bank (ECB) Chief Economist Philip Lane said at the European Parliament in Brussels that inflationary pressures in the Eurozone economy could remain above 2% for quite some time despite peace prospects between the United States (US) and Iran.

OCBC’s Christopher Wong notes that easing US–Iran tensions have pushed Brent below USD80 as markets price a high probability of normalised Strait of Hormuz flows.

Dow Jones futures fall by 0.72%, trading near 51,750 during the European hours on Tuesday. However, S&P 500 futures are down by 1.4% near 7,430, while Nasdaq 100 futures decline 2.29%, trading near 29,950 at the time of writing.

Deutsche Bank’s Early Morning Reid highlights that the Japanese Yen remains under pressure, trading close to 40‑year lows versus the US Dollar.

Preliminary United Kingdom flash S&P Global Services Purchasing Managers’ Index (PMI) declines at a faster pace to 48.7 in June from 49.3 in May. The Services PMI was expected to arrive higher at 50.0, a figure that separates expansion from contraction.

The Canadian Dollar (CAD) is facing renewed pressure as USD/CAD extends its rally to 14-month highs, with Societe Generale noting a decisive shift in momentum and RBC highlighting that domestic inflation remains skewed by volatile energy costs.

United Kingdom S&P Global Services PMI below forecasts (50) in June: Actual (48.7)

United Kingdom S&P Global Composite PMI came in at 49.4 below forecasts (50.6) in June

United Kingdom S&P Global Manufacturing PMI came in at 53.1, below expectations (53.6) in June

The Euro (EUR) pares previous gains against the British Pound (GBP) on Tuesday.

Societe Generale analysts Michael Haigh and Jeremy Sellem say a tentative United States (US)–Iran truce has eased immediate oil supply fears, driving a sharp fall in Brent and WTI as markets price a restart of Hormuz flows.

The USD/CHF pair trades with a positive bias for the fifth straight day on Tuesday, near its highest level since November 2025, with bulls awaiting sustained strength above the 0.8100 mark before positioning for further gains.

Commerzbank’s Michael Pfister expects the Hungarian central bank to resume interest rate cuts, with consensus looking for a 25 basis point move. A strong Hungarian Forint and lower-than-expected inflation provide room for easing, leaving real rates high.

Eurozone’s flash Manufacturing Purchasing Managers’ Index (PMI) arrives at 51.3 in June, higher than 51.2 estimates, but lower than 51.6 in May. The overall business activity has improved significantly, but remained in the contraction phase.

Eurozone HCOB Composite PMI above expectations (49.1) in June: Actual (49.5)

Eurozone HCOB Manufacturing PMI above forecasts (51.2) in June: Actual (51.3)

Eurozone HCOB Services PMI above expectations (48.1) in June: Actual (48.9)

EUR/JPY extends its losses for the second successive day, trading around 184.30 during the European hours on Tuesday. The currency cross depreciates following the release of HCOB Purchasing Managers Index (PMI) data from Germany. Attention is shifted toward Eurozone PMI data due later in the day.

Danske Research Team reports that global equities advanced, but underlying performance was highly dispersed, with US consumer and communication services names under pressure while most S&P 500 sectors and small caps gained.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note sharp intraday swings in USD/JPY after it spiked to 161.92 then fell to 161.06 before closing at 161.54.

DBS Group Research economist Philip Wee argues that Sir Keir Starmer’s resignation and the upcoming Labour Party leadership contest should not trigger a repeat of the 2022 UK mini-budget crisis for the British Pound.

EUR/USD held ground after registering modest losses in the previous day, trading around 1.1430 during the European hours on Tuesday. However, the pair withdraws its daily gains following the release of HCOB Purchasing Managers Index (PMI) data from Germany.

The GBP/JPY cross struggles to capitalize on the previous day's solid intraday bounce from the vicinity of a one-month trough, touched last week, and edges lower on Tuesday. Spot prices, however, lack bearish conviction and currently trade just below the 214.00 mark amid mixed fundamental cues.

German preliminary HCOB Manufacturing PMI arrives lower at 50.0 in June, as expected, from 50.1 in May. The 50.0 figure is a boundary line that separates expansion from contraction.

Silver (XAG/USD) has resumed its downtrend on Tuesday, following a tame recovery attempt on Monday, and trades in the mid-range of $62.00, drawing closer to year-to-date lows in the $61.00 area.