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

Rabobank’s Senior Market Strategist Stefan Koopman argues that higher energy and raw material costs, along with supply chain delays, are set to lift Euro area goods inflation in coming months.

Greece S&P Global Manufacturing PMI rose from previous 52.4 to 53.3 in May

There seems to be no immediate impact of the release of the BoJ summary of the meeting with investors on the Japanese Yen (JPY). As of writing, USD/JPY trades flat at around 159.70.

OCBC's strategists Sim Moh Siong and Christopher Wong keep a neutral stance on the US Dollar (USD), expecting a firm but rangebound USD profile as resilient US growth and sticky inflation support the currency.

EUR/JPY rises after a flat previous day, trading around 186.00 during the early European hours on Tuesday.

Danske Research Team reports that EUR/USD declined as higher Oil prices lifted US and European yields. They note that 2-year EUR and USD swap rates rose by up to 6 basis points.

Bitcoin (BTC) price dips below $70,000 on Tuesday, extending the 3% decline from the previous day. Market momentum turned extremely bearish, with Exchange Traded Funds (ETFs) tied to BTC offloading roughly $4 billion since May 15.

Spain Unemployment Change increased to -36.323K in May from previous -62.668K

Spain Unemployment Change rose from previous -62.668K to -36.3K in May

Commerzbank’s Tatha Ghose expects Poland’s National Bank of Poland (NBP) to keep its base rate unchanged for an extended period, with forward markets already pricing out medium-term cuts after the Iran-related energy shock.

France Budget Balance fell from previous €-42.9B to €-69.6B in April

Danske Bank’s Danske Research Team highlights that global equities hit new highs, driven almost exclusively by energy and especially tech, while most sectors fell on Iran-related tensions and higher Oil.

Commerzbank’s Michael Pfister argues that Eurozone inflation data have limited surprise potential for the foreign exchange market because many national figures are released beforehand and recent outcomes have largely matched expectations.

Switzerland Imports (MoM) declined to 19188M in April from previous 21282M

Switzerland Exports (MoM) declined to 22286M in April from previous 24458M

Switzerland Trade Balance down to 3098M in April from previous 3177M