Silver (XAG/USD) declines on Tuesday, stalling a four-day winning streak, trading around $84.10 at the time of writing, down 2.18% on the day.
Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, said that the April United States (US) Consumer Price Index (CPI) report was worse than they expected in comments reported by Reuters on Tuesday.
National Bank of Canada’s (NBC) Senior Economist Jocelyn Paquet, argues that surging AI-related investment is keeping U.S. GDP growth above potential, with forecasts of 2.4% in 2026 and 2.0% in 2027.
Commerzbank’s Thu Lan Nguyen notes Copper prices are trading close to January’s intraday record despite renewed Iran–US tensions and higher Oil prices. Markets currently anticipate limited economic fallout as long as a Hormuz reopening deal is reached, but prolonged disruption could hurt growth.
USD/CAD trades with a positive tone on Tuesday as a stronger US Dollar (USD) offsets support from elevated Oil prices for the Canadian Dollar (CAD). At the time of writing, the pair is trading around 1.3715, hovering near its highest level since April 16.
MUFG’s Lee Hardman reports that the Pound (GBP) has weakened as UK political uncertainty intensifies after poor local election results for the government. EUR/GBP has risen and cable has fallen, with Gilts selling off modestly.
EUR/JPY falls by some 0.18% on Tuesday as the Japanese Yen (JPY) strengthens after US Treasury Secretary Scott Bessent said excess volatility in the FX markets is undesirable. At the time of writing, the cross-pair trades at 184.93 after peaking at around 185.46.
USD/JPY trades around 157.65 on Tuesday at the time of writing, up 0.30% on the day.
United States 52-Week Bill Auction increased to 3.65% from previous 3.56%
Gold (XAU/USD) extends its slide on Tuesday, retracing the previous day’s gains as hotter-than-expected US inflation data boosts US Treasury yields and the US Dollar (USD).
The AUD/USD pair fell toward the 0.7220 region on Tuesday after hotter-than-expected United States (US) inflation data boosted the US Dollar (USD) and reinforced expectations that the Federal Reserve (Fed) may keep interest rates elevated for longer.
Dow Jones Industrial Average (DJIA) futures spent the overnight session in a tight range between 49,600 and 49,700, with little appetite to pick a side ahead of the April Consumer Price Index (CPI).
