United States Pending Home Sales (YoY) rose from previous -1.1% to 3.2% in April

United States Pending Home Sales (MoM) came in at 1.4%, above forecasts (1%) in April

BNP Paribas economists argue Europe is under pressure from China’s industrial surge but is leveraging investment cycles in defence, electrification and artificial intelligence to adapt.

Commerzbank’s Carsten Fritsch says platinum remains in a multi-year deficit, with above-ground stocks expected to cover less than three months of demand in 2026. However, World Platinum Investment Council (WPIC) data also point to a Q1 surplus and weaker demand.

TD Securities interprets the Reserve Bank of Australia (RBA) May Minutes as reinforcing a preference to stay on the sidelines near term, with markets pricing only a small chance of a June hike.

United States Redbook Index (YoY) dipped from previous 9.6% to 8.1% in May 15

Canada New Housing Price Index (YoY) remains at -2.3% in April

Canada Consumer Price Index - Core (MoM) rose from previous 0% to 0.1% in April

Canada New Housing Price Index (MoM) below expectations (0%) in April: Actual (-0.4%)

Canada Consumer Price Index (YoY) registered at 2.8%, below expectations (3.1%) in April

Canada BoC Consumer Price Index Core (MoM) unchanged at 0.2% in April

Canada Consumer Price Index (MoM) below expectations (0.6%) in April: Actual (0.4%)

Canada BoC Consumer Price Index Core (YoY) declined to 2.1% in April from previous 2.5%

Canada Building Permits (MoM) came in at 10.3%, above expectations (4%) in March

Private-sector hiring in the United States (US) remains strong according to the ADP National Employment Report (NER) Pulse: For the four weeks ending May 2, the private sector added an average of 42,250 jobs per week, with hiring strengthening for the second week in a row.

United States ADP Employment Change 4-week average up to 42.25K in April 25 from previous 33K

United States ADP Employment Change 4-week average climbed from previous 33K to 42.25K in April 25

Commerzbank’s Carsten Fritsch, citing Metals Focus, reports that the palladium market is set for a fifth consecutive annual supply deficit in 2026. Demand is forecast to edge lower overall, with automotive demand broadly stable and no sharp e‑mobility impact yet.

According to Iran’s Iranian Students' News Agency (ISNA), Iran’s army has warned it would “open new fronts” against the United States (US) if it resumes attacks on the country, The Guardian reported.

TD Securities expects Canada’s April CPI to firm to 3.1% year-on-year, driven by higher energy prices and base effects from the removal of carbon taxes.

TD Securities’ Prashant Newnaha now expects the Reserve Bank of New Zealand (RBNZ) to start raising the Official Cash Rate (OCR) from the September 2026 meeting, having previously forecast the first move in February 2027.

EUR/CAD pares its recent gains from the previous day, trading around 1.6000 during the European hours on Tuesday. The currency cross depreciates as the commodity-linked Canadian Dollar (CAD) holds ground against the Euro (EUR) due to higher oil prices.

Commerzbank’s Tatha Ghose writes that Polish core inflation has firmed but remains manageable, driven mainly by external energy shocks rather than domestic policy errors.

Nomura’s Josie Anderson, George Buckley, Andrzej Szczepaniak and David Seif highlight a softer UK labour market, with falling payrolls, rising unemployment and weaker vacancies. They stress that labour data lag the Iran war shock, but see current softness as the starting point.

The publication of Canada’s April Consumer Price Index (CPI) figures on Tuesday will be the focus of attention.

AUD/JPY has offered its recent gains registered in the previous day, trading around 113.40 during the early European hours on Tuesday.

BNY strategists John Velis and David Tam have abandoned their call for two Federal Reserve rate cuts this year, citing persistent disruption in the Strait of Hormuz and a labor market that has not weakened as expected.

Antje Praefcke at Commerzbank highlights that the Norwegian Krone (NOK) has outperformed Euro (EUR) and US Dollar (USD), helped by Norway’s status as a net Oil and gas exporter during the Iran war.

OCBC’s FX Strategist Christopher Wong highlights that Asian FX has seen a modest stabilisation after an oil- and rates-led sell-off, helped by softer Brent and a pause in United States (US) yield gains.

Danske Research Team observes that equities moved lower on US tech underperformance and a defensive rotation, though most sectors ended higher and VIX declined.