The USD/CHF pair trades with a positive bias for the fifth straight day on Tuesday, near its highest level since November 2025, with bulls awaiting sustained strength above the 0.8100 mark before positioning for further gains.

Eurozone’s flash Manufacturing Purchasing Managers’ Index (PMI) arrives at 51.3 in June, higher than 51.2 estimates, but lower than 51.6 in May. The overall business activity has improved significantly, but remained in the contraction phase.

Eurozone HCOB Composite PMI above expectations (49.1) in June: Actual (49.5)

Eurozone HCOB Manufacturing PMI above forecasts (51.2) in June: Actual (51.3)

Eurozone HCOB Services PMI above expectations (48.1) in June: Actual (48.9)

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note sharp intraday swings in USD/JPY after it spiked to 161.92 then fell to 161.06 before closing at 161.54.

DBS Group Research economist Philip Wee argues that Sir Keir Starmer’s resignation and the upcoming Labour Party leadership contest should not trigger a repeat of the 2022 UK mini-budget crisis for the British Pound.

EUR/USD held ground after registering modest losses in the previous day, trading around 1.1430 during the European hours on Tuesday. However, the pair withdraws its daily gains following the release of HCOB Purchasing Managers Index (PMI) data from Germany.

The GBP/JPY cross struggles to capitalize on the previous day's solid intraday bounce from the vicinity of a one-month trough, touched last week, and edges lower on Tuesday. Spot prices, however, lack bearish conviction and currently trade just below the 214.00 mark amid mixed fundamental cues.

Silver (XAG/USD) has resumed its downtrend on Tuesday, following a tame recovery attempt on Monday, and trades in the mid-range of $62.00, drawing closer to year-to-date lows in the $61.00 area.

Germany HCOB Services PMI below forecasts (48.7) in June: Actual (46.8)

Germany HCOB Manufacturing PMI meets expectations (50) in June

Germany HCOB Composite PMI registered at 48, below expectations (49.9) in June

The Canadian Dollar (CAD) retreats against the US Dollar (USD) on Tuesday after a short-lived pullback move the previous day.

France HCOB Services PMI registered at 47.4 above expectations (45.9) in June

France HCOB Manufacturing PMI above forecasts (50.4) in June: Actual (50.7)

France HCOB Composite PMI increased to 47.6 in June from previous 44.9

Here is what you need to know on Tuesday, June 23:

MUFG’s Michael Wan notes that the US Dollar (USD) is edging stronger, with USD/JPY moving closer to 162.00 as Asian currencies weaken in an orderly fashion. He highlights a sharp intraday move in the Japanese Yen (JPY) and possible policy discussions between US and Japanese officials.

The New Zealand Dollar (NZD) extends losses against the US Dollar (USD) for the fifth consecutive day on Tuesday, reaching levels sub-0.5700, and approaching year-to date lows, at 0.5683.

Danske Research Team notes that EUR/USD started the week under pressure as widening interest rate differentials favor the US Dollar over the Euro.

AUD/USD continues its losing streak for the sixth consecutive day, trading around 0.6960 during the Asian hours on Tuesday. The technical analysis of the daily chart shows the pair remaining within the descending channel pattern, suggesting a prevailing bearish bias.

The British Pound (GBP) trades slightly lower against its major currency peers during the European trading session on Tuesday, but remains firm against Asia-Pacific currencies.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that GBP/USD closed little changed at 1.3250 after intraday swings, leaving momentum broadly flat and favoring near-term range trading between 1.3205 and 1.3275.

Commerzbank’s Michael Pfister highlights persistent headwinds for the Euro after dovish comments from European Central Bank (ECB) President Christine Lagarde reduced market expectations to roughly 33 basis points of further tightening this year.

The EUR/USD pair trades with mild losses around 1.1425 during the early European session on Tuesday. The US Dollar (USD) edges higher against the Euro (EUR) amid risk-off sentiment and a hawkish Federal Reserve (Fed) stance.

The Indian Rupee (INR) opens on a flat note against the US Dollar (USD) on Tuesday.

The USD/JPY pair enters a bullish consolidation phase during the Asian session on Tuesday and currently trades just above 161.50 amid mixed fundamental cues.

The preliminary reading of India's HSBC Manufacturing Purchasing Managers Index (PMI) eases to 54.5 in June versus 55.0 prior, the latest data published by S&P Global and HSBC Bank showed on Tuesday.

The AUD/JPY cross trades in negative territory around 112.75 during the early European trading hours on Tuesday. The Japanese Yen (JPY) strengthens against the Australian Dollar (AUD) as traders are on high alert for currency intervention from Japanese authorities.