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.
Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, said that the April United States (US) Consumer Price Index (CPI) report was worse than they expected in comments reported by Reuters on Tuesday.
Silver (XAG/USD) declines on Tuesday, stalling a four-day winning streak, the white metal trading around $84.10 at the time of writing, down 2.18% on the day.
The Euro (EUR) trades under pressure against the US Dollar (USD) on Tuesday as hotter-than-expected US inflation data strengthens the Greenback and pushes US Treasury yields higher. At the time of writing, EUR/USD is trading around 1.1743, down roughly 0.35% on the day.
ING’s Francesco Pesole highlights rising political uncertainty in the UK as calls grow for Prime Minister Keir Starmer’s resignation, with betting markets seeing a high chance he leaves office this year.
The Energy Information Administration (EIA) released the Monthly Energy Review on Tuesday. The report showed that the US hit a record energy production in 2025, recording a 3.4% increase from the previous record set in 2024.
Ripple (XRP) scales downward, trading at $1.45 at the time of writing on Tuesday. XRP is currently trading about 3% below its weekly open at $1.47 and approximately 4% below its monthly high of $1.51, highlighting mounting overhead resistance.
Commerzbank's Commodity Analyst Barbara Lambrecht notes that Silver has surged to a two-month high near USD 87 per troy ounce, supported by strength in industrial metals and a record high London Metal Exchange index.
GBP/USD declines around 1.3525 on Tuesday at the time of writing, down 0.62% on the day, as the US Dollar (USD) benefits from renewed demand following stronger-than-expected US inflation data and a more cautious market mood.
Indian Prime Minister Narendra Modi urged the nation’s citizens to avoid buying Gold for a year, in an effort to cut spending and save foreign exchange as the country grapples with the macroeconomic consequences of the Iran war.
The United States (US) reported that annualized inflation, as measured by the Consumer Price Index (CPI) rose by 3.8% in the twelve months to April, higher than the 3.3% posted in March and above expectations of 3.7%.
TD Securities’ FX strategists see the Euro (EUR) relatively strong on crosses, particularly versus the Pound (GBP) and Canadian Dollar (CAD).
MUFG’s Lee Hardman notes that the US Dollar’s (USD) rebound alongside higher Oil prices has lifted USD/JPY back towards 158.00, close to levels seen before suspected Japanese intervention.
Private-sector hiring in the US has added extra momentum in late April. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 33K jobs per week in the four weeks ending April 25.
EUR/GBP trims part of its earlier gains on Tuesday as traders assess rising political instability in the United Kingdom and stalled US-Iran negotiations.
ING’s Francesco Pesole highlights rising political uncertainty in the United Kingdom (UK) as calls grow for Prime Minister Keir Starmer’s resignation, with betting markets seeing a high chance he leaves office this year.