Commerzbank’s Dr. Vincent Stamer argues persistent Euro area inflation above 3% and rising core pressures make an European Central Bank (ECB) rate increase unavoidable. He cites firms’ intentions to pass on higher energy costs and elevated consumer inflation expectations.

The number of job openings in the United States (US) came in at 7.618 million in April, up sharply from the revised 6.887 million in March, the US Bureau of Labor Statistics (BLS) reported in its Job Openings & Labor Turnover (JOLTS) report on Tuesday.

Société Générale economist Sam Cartwright notes Euro area headline inflation rose to 3.2% year-on-year in May, with core inflation at 2.5%. Services, not energy, led the increase, partly due to Easter timing effects.

United States RealClearMarkets/TIPP Economic Optimism (MoM) below expectations (44.5) in June: Actual (42.5)

United States JOLTS Job Openings registered at 7.618M above expectations (6.88M) in April

MUFG’s Derek Halpenny and Abdul-Ahad Lockhart underline that the latest ISM Manufacturing data show strong United States (US) economic resilience despite Middle East uncertainty. The headline index has reached a four-year high, with broad-based gains across sub-indices and rising new orders.

Deutsche Bank economists say in their World Outlook (WO) report, the United Kingdom (UK) entered the energy shock with stronger Q1‑2026 data, prompting only a marginal downgrade to growth. Stockpiling is expected to cushion activity as higher energy costs feed into inflation and real incomes.

Nordea’s Tuuli Koivu and Anders Svendsen argue that persistent inflation pressures and a resilient labour market point to a new European Central Bank (ECB) hiking cycle starting in June.

TD Securities raises its outlook for Silver and PGMs despite near-term correction risks similar to Gold. The team upgrades Silver and PGM forecasts over the next two quarters and further improves the long-term view, citing Gold’s projected strength and an improving global economy.

Singapore Manufacturing PMI climbed from previous 50.7 to 51 in May

DBS Group Research’s Philip Wee argues that FX Majors remain range-bound as markets digest shifting narratives around Middle East tensions and the upcoming Fed leadership transition.

United States Redbook Index (YoY) remains at 9% in May 29

Beth Hammack, President of the Federal Reserve Bank of Cleveland, struck a distinctly hawkish tone on Tuesday, warning that persistent inflation risks may eventually require a policy response.Key Quotes

Swiss National Bank (SNB) Chairman Martin Schlegel said during the European trading session on Tuesday that the central bank is now more ready to intervene against one-way appreciating moves in the Swiss Franc (CHF).

Nordea economists Tuuli Koivu and Anders Svendsen say rising Euro-area headline and core inflation, driven mainly by higher energy costs and robust services prices, strengthens the case for an ECB rate hike in June.

Societe Generale analysts observe that EUR/PLN is trading near an ascending trendline from February 2025 and oscillating around its 200-day moving average. The pair is currently confined within a 4.2100–4.2650 consolidation band.

European Central Bank (ECB) official and Finnish Central Bank Governor Olli Rehn said during the European trading session on Tuesday that an interest rate hike at the policy meeting this month should be viewed as an "insurance" move to guard against future inflation risks.

ING’s Warren Patterson and Ewa Manthey note that Copper prices in New York and London have risen ahead of a key US tariff decision. The Commerce Department is considering phased import duties starting at 15% in 2027, widening the US price premium and drawing more shipments to US ports.

OCBC's strategists Sim Moh Siong and Christopher Wong shift their British Pound (GBP) view from bearish to neutral, citing easing fiscal concerns and attractive carry that have helped GBP recover from early May losses.

Spain 6-Month Letras Auction increased to 2.376% from previous 2.357%

Societe Generale analysts expect the National Bank of Poland (NBP) to keep its policy rate unchanged at 3.75%, with a status quo stance likely through the second half of 2026 and early 2027. Inflation is currently within target, while growth has improved.

Spain 12-Month Letras Auction declined to 2.543% from previous 2.635%

GBP/USD gains ground after registering minor losses in the previous day, trading around 1.3470 during the European hours on Tuesday. The pair appreciates as the US Dollar (USD) loses ground on easing risk aversion due to a partial ceasefire between Hezbollah and Israel.

European Parliament's trade committee announces that it has voted in favor of legislation to remove European Union (EU) duties on many United States (US) goods imports.

DBS Group Research’s Philip Wee notes that the Euro (EUR) remains trapped in a range against the US Dollar (USD) as markets focus on the June FOMC and ECB meetings. The European Central Bank is expected to deliver a 25 bps ‘insurance’ hike and upgrade its inflation outlook.

United Kingdom M4 Money Supply (YoY) increased to 4.5% in April from previous 4.3%

United Kingdom Net Lending to Individuals (MoM) came in at £6.2B below forecasts (£7.1B) in April

United Kingdom Consumer Credit came in at £1.859B, above forecasts (£1.7B) in April

United Kingdom Mortgage Approvals above expectations (61.7K) in April: Actual (65.94K)

United Kingdom M4 Money Supply (MoM) came in at 0.2% below forecasts (0.6%) in April