BNY strategist John Velis expects the Federal Reserve (Fed) to leave rates unchanged at the April Federal Open Market Committee (FOMC) meeting and provide limited forward guidance, reflecting uncertainty around inflation and the Iran conflict.

EUR/CAD depreciates for the second successive day, trading around 1.5960 during the European hours on Tuesday. The currency cross holds losses as the Euro (EUR) struggles on increased safe-haven demand amid stalled US-Iran peace talks.

Italy Industrial Sales n.s.a. (YoY) up to 0.5% in February from previous -1%

Italy Industrial Sales s.a. (MoM) up to 0.6% in February from previous -0.3%

Austria UniCredit Bank Manufacturing PMI fell from previous 52.4 to 51.2 in April

ING strategist Frantisek Taborsky says Hungary remains central in Central and Eastern European (CEE), with the first post‑election central bank of Hungary, Magyar Nemzeti Bank (MNB) meeting expected to leave rates at 6.25% while focusing on updated forward guidance.

Here is what you need to know on Tuesday, April 28:

OCBC strategists Sim Moh Siong and Christopher Wong note most Asian FX have firmed, led by MYR, THB and TWD, helped by Iran’s proposal on Hormuz. However, elevated Oil prices and constrained energy passthrough pose risks to demand and could restrain high‑beta, Oil‑sensitive Asian FX.

Danske Research Team reports that equities continue to grind higher, led by US and tech names, while cyclicals outperform and consumer staples lag. The rally is highly selective across sectors and regions, with US markets outperforming Europe.

Spain Retail Sales (YoY) up to 4.1% in March from previous 2.2%

Spain Unemployment Survey came in at 10.83%, above expectations (9.8%) in 1Q

Sweden Trade Balance (MoM) rose from previous 1.8B to 9.3B in March

Japan’s Finance Minister Satsuki Katayama said on Tuesday that the economy is rebounding moderately with sustained wage growth momentum, but the outlook calls for caution.

United Kingdom BRC Shop Price Index (YoY) came in at 1% below forecasts (1.5%) in April

Commerzbank’s Charlie Lay, Dr. Henry Hao and Moses Lim argue that the war in Iran has delivered a stagflationary shock to Asia, pushing inflation forecasts higher while leaving growth risks skewed to the downside.

Japan Unemployment Rate came in at 2.7%, above expectations (2.6%) in March

Japan Jobs / Applicants Ratio meets expectations (1.18) in March

United Overseas Bank’s (UOB) Jester Koh highlights that Singapore’s industrial production rose strongly in March, lifting estimated 1Q26 GDP growth.

The Bank of Japan (BoJ) will announce its monetary policy decision on Tuesday, at around 3:00 GMT. The BoJ is widely expected to deliver a hawkish hold, keeping the benchmark interest rate unchanged at 0.75% while also hinting at a willingness to hike rates.

Commerzbank’s FX team highlights that CNY is the only Asian currency stronger against the Dollar since late February, helped by robust exports and policy support.

BNY's Bob Savage reports that the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona faces a legal complaint tied to disclosures in an impeachment probe involving the vice president.

South Korea BOK Manufacturing BSI increased to 72 in May from previous 71

TD Securities strategists Oscar Munoz and Eli Nir project output growth gradually slowing to potential by late 2026 as Iran-related stagflationary risks keep the Federal Reserve (Fed) cautious.

Standard Chartered Bank economists Anubhuti Sahay, Saurav Anand and Nagaraj Kulkarni assess Indian states’ finances, projecting the aggregate FY27 fiscal deficit at 2.9% of GDP, similar to FY26.

Deutsche Bank economists Marion Muehlberger and Ursula Walther argue that Germany’s new reform drive under Finance Minister Klingbeil could gradually improve growth prospects and sentiment.

ING strategist Frantisek Taborsky expects Central and Eastern European (CEE) FX to stay broadly stable this week despite volatile rates and global headlines.

TD Securities strategists Oscar Munoz and Eli Nir expect the Federal Reserve (Fed) to keep the Fed funds rate at 3.50–3.75% at the April Federal Open Market Committee (FOMC), with Chair Powell maintaining a neutral stance on future policy.

Rabobank’s Senior FX Strategist Jane Foley notes that earlier market surveys showed a strong chance of a Bank of Japan (BoJ) rate hike this week, but Governor Ueda’s lack of clear hints at IMF/World Bank meetings shifted expectations to June.

United States 2-Year Note Auction declined to 3.812% from previous 3.936%

United States 5-Year Note Auction declined to 3.955% from previous 3.98%