The Euro (EUR) extends losses against the US Dollar (USD) on Tuesday, with EUR/USD slipping below the 1.1400 mark, a support level that had held since June 2025.

Rabobank’s energy strategists Joe DeLaura and Florence Schmit cut TTF Natural Gas forecasts on easing supply risks from the Strait of Hormuz reopening.

Nomura strategists note Euro area business activity stayed in contraction in June, with the composite PMI at 49.5 despite a small rise.

Scotiabank strategists Shaun Osborne and Eric Theoret note the British Pound (GBP) is softer versus the US Dollar (USD) after mildly disappointing Purchasing Managers' Index (PMI) and CBI data, with market reaction muted.

Commerzbank’s Carsten Fritsch notes that Brent has dropped back below USD 80, briefly touching USD 76.5, after the US allowed Iran to export oil and oil products until at least August 21.

TD Securities’ commodity team notes that Copper is seeing large CTA (Commodity Trading Advisors) selling as markets look past Strait of Hormuz supply risks and focus more on macro and demand-side weakness.

Bank of England (BoE) policymaker Alan Taylor said on Tuesday that keeping interest rates on hold for an extended period remains the most appropriate policy response, according to the text of a speech due to be delivered at an event hosted by Barclays and the Center for Economic Policy Research.

United States Richmond Fed Manufacturing Index came in at 4 below forecasts (9) in June

Bank of Canada (BoC) Governor Tiff Macklem said on Tuesday that global imbalances are increasing and may risk financial stability.

Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) retains a soft undertone despite a first modest gain versus the US Dollar (USD) in eight sessions, helped by firmer May Consumer Price Index (CPI) and steadier US–Canada spreads.

United States S&P Global Manufacturing PMI above expectations (54.8) in June: Actual (55.7)

United States S&P Global Composite PMI up to 52.2 in June from previous 51.5

United States S&P Global Services PMI came in at 51.3, above forecasts (51) in June

ING analysts Warren Patterson and Ewa Manthey say Oil prices fell sharply after the US granted a 60-day waiver allowing Iranian exports, adding to pressure from rising flows through the Strait of Hormuz.

Silver (XAG/USD) slides more than 4% on Tuesday as the US Dollar (USD) climbs to near one-year highs after the Federal Reserve's (Fed) hawkish tilt at last week's monetary policy meeting reinforced expectations that interest rates will remain higher for longer.

TD Securities’ Global Strategy Team reports that June Eurozone PMIs confirm a divergence between stabilizing German manufacturing and still weak French services.

Ripple (XRP) upholds a broader bearish outlook, trending down at $1.10 at the time of writing on Tuesday.

National Bank of Canada (NBC) Economics and Strategy team, led by Taylor Schleich, Ethan Currie and Vy Le, argues that Kevin Warsh’s Federal Reserve (Fed) is deliberately increasing policy ambiguity by stripping out forward guidance.

United States Redbook Index (YoY) up to 10% in June 19 from previous 9.4%

Geoff Yu at BNY highlights that Eurozone PMIs remain weak despite a slightly better-than-expected composite reading. Core economies like Germany and France continue to underperform, with German services at a 43‑month low.

Commerzbank analysts highlight that stronger heatwaves in Europe and Asia are likely to lift electricity demand and gas-fired power use, complicating European storage refilling.

OCBC’s Sim Moh Siong notes the Dollar is supported by higher US Treasury yields and a more hawkish Federal Reserve path, with leaner Fed communication likely to lift FX volatility.

Private-sector hiring in the US has increased in early June. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 30.75K jobs per week in the four weeks ending June 6.

Gold (XAU/USD) trades on the back foot on Monday, pressured by a stronger US Dollar (USD) and rising expectations that the Federal Reserve (Fed) could raise interest rates later this year.

United States ADP Employment Change 4-week average: 30.75K (May 30) vs 25.5K

Rabobank’s energy strategists Joe DeLaura and Florence Schmit cuts Brent and WTI (West Texas Intermediate) forecasts after the Versailles MoU (Memorandum of Understanding) and gradual reopening of the Strait of Hormuz.

Mexico Retail Sales (YoY) up to 4.4% in April from previous 2.9%