Gold (XAU/USD) breaks below the $4,100 mark, hitting its lowest level in nearly two weeks during the first half of the European session on Tuesday amid a bullish US Dollar (USD). Despite positive signals from US-Iran peace talks, investors remain skeptical over a final deal.
United Kingdom S&P Global Manufacturing PMI came in at 53.1, below expectations (53.6) in June
United Kingdom S&P Global Composite PMI came in at 49.4 below forecasts (50.6) in June
United Kingdom S&P Global Services PMI below forecasts (50) in June: Actual (48.7)
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.
Societe Generale analysts Michael Haigh and Jeremy Sellem say a tentative United States (US)–Iran truce has eased immediate oil supply fears, driving a sharp fall in Brent and WTI as markets price a restart of Hormuz flows.
The Euro (EUR) pares previous gains against the British Pound (GBP) on Tuesday.
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.
Commerzbank’s Michael Pfister expects the Hungarian central bank to resume interest rate cuts, with consensus looking for a 25 basis point move. A strong Hungarian Forint and lower-than-expected inflation provide room for easing, leaving real rates high.
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)
