Brown Brothers Harriman’s (BBH) Elias Haddad notes improving risk sentiment as Iran-related worries ease, with Oil softer, US equities firmer and yields retracing.

United States Richmond Fed Manufacturing Index came in at 13, above forecasts (4) in May

Commerzbank’s Barbara Lambrecht highlights that the global Copper market showed a large surplus in Q1 2026 as refined output surged, especially in China and the DR Congo.

The Reserve Bank of New Zealand (RBNZ) delivered a clear hawkish hold on Wednesday, keeping the Official Cash Rate (OCR) unchanged at 2.25% while strongly signalling that rate hikes are likely in the coming months.

MUFG’s Derek Halpenny says rising European yields reflect expectations that the ECB will deliver a 25bp rate hike on 11 June, with baseline inflation projections set to be revised higher.

Ripple (XRP) extends its consolidation around $1.33 at the time of writing on Wednesday, as market participants largely remain on the sidelines awaiting clarity over a potential Memorandum of Understanding (MOU) between the United States (US) and Iran. 

The Canadian Dollar (CAD) is experiencing a period of relative stagnation against the US Dollar (USD), failing to match the upward momentum seen across other major G10 currencies. 

BNY’s Bob Savage highlights that the Reserve Bank of New Zealand (RBNZ) kept the Official Cash Rate (OCR) at 2.25% in a split decision but delivered a hawkish message, lifting its OCR path and inflation projections.

TD Securities’ Global Rates, FX & Commodities Strategy team reviews April Australian CPI, noting headline inflation undershot consensus while the trimmed mean matched expectations.

United States Redbook Index (YoY): 9% (May 22) vs 8.1%

ING’s Frantisek Taborsky reports that the National Bank of Hungary held its base rate at 6.25% but signalled a dovish shift, with June cuts fully priced and markets now seeing a terminal rate near 5.25%.

The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) on Wednesday after the Reserve Bank of New Zealand (RBNZ) delivered a hawkish hold at its latest monetary policy meeting, signaling that the Official Cash Rate (OCR) will likely need to rise sooner and by more than projected in the

Commerzbank’s Antje Praefcke highlights Riksbank member Per Jansson’s argument that weaker demand, higher policy rates and softer inflation allow Sweden to wait and see despite the Iran-related energy shock.

Iran's State TV reported that it has a draft of the initial unofficial framework of the Memorandum of Understanding with the United States (US).

Private-sector hiring in the US has cooled in early May. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 35.75K jobs per week in the four weeks ending May 9.

United States ADP Employment Change 4-week average: 35.75K (May 2) vs previous 42.25K

Societe Generale’s commodity team notes Brent has lost its 50-day moving average and is testing support around $96.

Cryptocurrency prices are broadly consolidating near key short-term support levels, with Bitcoin (BTC) trading around $76,000 at the time of writing on Wednesday.

Brazil Mid-month Inflation came in at 0.62%, above expectations (0.53%) in May

BNY’s Bob Savage highlights that global equities extend gains on AI optimism and Iran peace talks.

Gold (XAU/USD) struggles to attract buying interest on Wednesday, even as the US Dollar (USD) and Oil prices trade on the back foot, with markets remaining cautiously optimistic that the United States (US) and Iran could eventually reach a deal to end the war in the Middle East.

Brown Brothers Harriman’s (BBH) Elias Haddad notes AUD/USD slid toward 0.7136 and is expected to settle closer to 0.7000, consistent with Australia–US 2‑year yield spreads.

Silver price (XAG/USD) is down almost 3.5% to near $74.10 during the European trading session on Wednesday.

The Australian Dollar (AUD) strength against the New Zealand Dollar (NZD) may be about to reverse. 

ING’s Chris Turner notes EUR/USD remains sluggish despite progress toward a US–Iran agreement that could reopen the Strait of Hormuz and despite hawkish ECB commentary from Philip Lane and Isabel Schnabel.

The Euro (EUR) posts minor gains against the US Dollar (USD) on Wednesday, trading near 1.1640 at the time of writing, right below weekly highs at the 1.1650 area.

Commerzbank’s Tatha Ghose reports that Hungary’s MNB kept rates at 6.25%, citing Iran-related inflation risks but acknowledging room to cut after a strong Forint rally.