BNY’s Bob Savage notes that New Zealand’s Consumer Price Index (CPI) accelerated to 0.9% q/q, keeping annual inflation at 3.1%, with strong non-tradeable components such as electricity and local authority rates.

New Zealand GDT Price Index increased to -2.7% from previous -3.4%

United States Pending Home Sales (YoY) down to -1.1% in March from previous -0.8%

United States Business Inventories below expectations (0.3%) in February: Actual (-1.1%)

United States Business Inventories above expectations (0.3%) in February: Actual (0.4%)

United States Pending Home Sales (MoM) above expectations (0.1%) in March: Actual (1.5%)

TD Securities analysts note Canadian Consumer Price Index (CPI) accelerated to 2.4% year-on-year in March, driven by higher Oil prices, but core measures remained subdued. They see the print as dovish and consistent with Bank of Canada (BoC) guidance to look through temporary spikes.

Geopolitical tensions remain in focus for markets following the latest remarks by US President Donald Trump during an interview with CNBC.

BNY’s Bob Savage notes that equities show the clearest recovery in risk appetite, though holdings remain below mean reversion, especially in South Korea and Taiwan. Developed markets are rebounding faster than emerging markets.

United States Redbook Index (YoY) declined to 6.7% in April 17 from previous 7%

Retail Sales in the United States (US) rose 1.7% to $752.1 billion in March, the US Census Bureau reported on Tuesday. This print followed the 0.7% increase (revised from 0.6%) recorded in February and surpassed the market expectation of 1.4%.

Danske Research Team notes that Canadian headline inflation rose to 2.4% year-on-year in March, slightly below expectations, while core measures stayed stable.

United States Retail Sales (YoY): 4% (March) vs 3.7%

United States Retail Sales ex Autos (MoM) came in at 1.9%, above forecasts (1.4%) in March

United States Retail Sales Control Group above forecasts (0.2%) in March: Actual (0.7%)

United States Retail Sales (MoM) registered at 1.7% above expectations (1.4%) in March

BNY’s John Velis highlights uncertainty around Federal Reserve (Fed) leadership as Kevin Warsh faces Senate confirmation hearings. Political conditions could delay his appointment, while Jerome Powell has pledged to stay as Chair pro tempore until an investigation concludes.

United States ADP Employment Change 4-week average: 54.8K (March 28) vs 39K

United States (US) President Donald Trump said during late European trading hours on Tuesday that Iran has violated the terms of the two-week ceasefire numerous times.

TD Securities’ Global Strategy Team expects US Retail Sales for March to post strong gains, led by higher gasoline prices and solid control group spending. They see only a sideways move in auto sales and firm food services.

Danske Research Team reports that Reuters sources suggest the Bank of Japan (BoJ) is likely to hold off raising interest rates at the April meeting due to uncertainty from the Iran war.

The United States (US) Retail Sales data for March is scheduled to be published today at 12:30 GMT.

Commerzbank’s Christoph Rieger highlights Kevin Warsh’s confirmation hearing as a key event for US rates, with potential for far-reaching changes to Federal Reserve balance sheet operations.

Kevin Warsh, United States (US) President Donald Trump's nominee to replace Jerome Powell as the next chair of the Federal Reserve (Fed), will testify before the Senate Banking Committee on Tuesday.

Nomura analysts note that the fall in the United Kingdom (UK) unemployment rate to 4.9% hides underlying labour market weakness.

Societe Generale’s Kenneth Broux frames Kevin Warsh’s confirmation hearing as pivotal for US rates, with markets focused on potential changes to the Fed’s reaction function and implications for the long end of Treasury yields.

European Central Bank (ECB) Vice President Luis de Guindos said during the European trading session on Tuesday that the central bank ‌sees private credit as one ​of ​the sources of ⁠risk to ​financial stability ​alongside high market valuations and loose ​fiscal ​policy in some countries, Reuters re

According to a report from Nikkei, the Bank of Japan (BoJ) is expected to leave interest rates unchanged at 0.75% in the monetary policy announcement on April 28.

Danske Research Team highlights that ECB President Christine Lagarde sees the economic fallout from the Iran war as not yet reaching the ECB’s adverse scenario.

United Overseas Bank’s (UOB) strategists Quek Ser Leang and Lee Sue Ann keep a neutral stance on EUR/USD after Monday’s gap lower and subsequent recovery. They see scope for a further rebound but expects gains to be capped near 1.1805, with 1.1840 as major resistance.