Deutsche Bank analysts report that the S&P 500 closed at another record high, supported by strong gains in chip stocks and energy names, even as broader market breadth remained cautious.
Italy Industrial Output s.a. (MoM) above forecasts (0.2%) in March: Actual (0.7%)
Italy Industrial Output w.d.a (YoY) up to 1.5% in March from previous 0.5%
The USD/CAD pair trades 0.12% higher to near 1.3695 during the European trading session on Tuesday.
MUFG’s strategists note that the US Dollar (USD) has weakened despite solid United States (US) jobs data, as optimism over a potential US/Iran deal and surging US equities support risk appetite.
The GBP/JPY cross struggles to capitalize on the previous day's bounce from the 100-day Simple Moving Average (SMA) and attracts heavy intraday selling on Tuesday.
NZD/USD extends its losses for the second successive day, trading around 0.5940 during the early European hours on Tuesday. The pair depreciates as the US Dollar (USD) strengthens on the back of renewed United States (US)-Iran tensions.
US Treasury Secretary Scott Bessent said during the European trading session on Tuesday that he and Japan’s Prime Minister (PM) Sanae Takaichi both believe that forex volatility is undesirable.
Rabobank's Senior Market Strategist Benjamin Picton notes that Brent and WTI have reacted only modestly to renewed United States (US)-Iran tensions, with Brent holding near $105 and WTI below $100.
BNY strategists John Velis and David Tam argue that resilient United States (US) data and likely elevated inflation prints make it harder to justify Federal Reserve (Fed) rate cuts this year.
Danske Bank analysts note that global equities finished slightly higher, with major United States (US) indices such as the S&P500, Nasdaq and Russell2000 posting modest gains.
ING’s Commodities Strategist Ewa Manthey explains why Gold has dropped about 12% since the Iran conflict began, despite its reputation as a safe haven. She argues the move reflects macro headwinds from higher Oil prices, stronger US Dollar (USD) and elevated real yields.
