The Euro (EUR) extends losses against the US Dollar (USD) on Tuesday, reaching session lows a few pips above 1.1750 at the time of writing after failing to extend Monday’s gains past 1.1790.
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.
ING’s Chris Turner highlights strong foreign demand for Eurozone assets, with EUR280bn of equities and debt bought in the first two months of the year, which may be marginally supportive for the Euro (EUR).
The US benchmark West Texas Intermediate (WTI) Oil is trading at $85.75 per barrel at the time of writing on Tuesday, practically flat on the daily chart, after having pulled back from Monday’s highs at $88.50.
Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $78.85 per troy ounce, down 1.10% from the $79.73 it cost on Monday.
TD Securities’ James Rossiter notes that Oil prices are stabilizing slightly above $90 per barrel, with Brent trading in a $90–100 range since the ceasefire began.
The Indian Rupee (INR) extends Monday's losses against the US Dollar (USD) on Tuesday.
EUR/JPY remains steady after modest gains registered in the previous day, trading around 187.20 during the Asian hours on Monday. The currency cross holds ground as the Euro (EUR) moves little following the release of German ZEW Survey data.
The AUD/USD pair trades 0.35% lower around 0.7150 during the European trading session on Tuesday.
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.
German ZEW Survey - Economic Sentiment deteriorates significantly to -17.2 in April. Economists already anticipated the sentiment data to come in lower at -5 from -0.5 in March.
Commerzbank’s Volkmar Baur notes New Zealand inflation at 3.1% year-on-year, slightly above the Reserve Bank of New Zealand (RBNZ) target, and warns that higher energy prices could push it further. He sees a possible rate hike in late May, which might briefly support the New Zealand Dollar (NZD).
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.
Dow Jones futures gain 0.14% above 49,700, with S&P 500 and Nasdaq 100 futures also advancing 0.13% and 0.27% to near 7,160 and 26,820, respectively, during the European hours on Tuesday ahead of the United States (US) regular opening.
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
ING’s commodities team highlights that China’s Silver imports hit a record in March, driven by retail and solar-sector demand, far exceeding the 10‑year March average.
The USD/CHF pair trades 0.25% higher at around 0.7800 during the European trading session on Tuesday.
OCBC strategists Sim Moh Siong and Christopher Wong argue that Swiss Franc (CHF) safe-haven demand is being constrained by perceived Swiss National Bank (SNB) intervention risk.
The New Zealand Dollar (NZD) appreciates for the second consecutive day against the US Dollar (USD) on Tuesday, fuelled by stronger-than-expected New Zealand inflation figures and a moderate optimism about a resolution of the Middle East conflict.
MUFG’s Senior Currency Analyst Lee Hardman notes the US Dollar (USD) has retreated, with the US Dollar Index (DXY) back towards 98.000, as markets anticipate further de-escalation in the Middle East conflict.
Gold (XAU/USD) sticks to intraday losses below the $4,800 mark through the first half of the European session on Tuesday, though it holds above a one-week low touched the previous day. Investors remain skeptical about a potential US-Iran agreement amid the standoff over the Strait of Hormuz.
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.
Here is what you need to know on Tuesday, April 21:
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding gains after registering little losses in the previous day and trading around 98.10 during the early European hours on Tuesday.
United Overseas Bank’s (UOB) strategists Quek Ser Leang and Lee Sue Ann expect USD/JPY to remain range-bound after recent volatility. For the day, the pair is seen between 158.50 and 159.20, with flat momentum indicators. Over 1–3 weeks, UOB projects a 157.55–160.50 band.
Commerzbank analysts highlight that the Reserve Bank of India (RBI) has rolled back some Non-Deliverable Forward (NDF) restrictions, allowing authorized dealers to offer NDFs, roll over and cancel related-party contracts, and use back-to-back hedging.
Silver price (XAG/USD) trades almost 1% lower at around $79.00 during the European trading session on Tuesday. The white metal faces selling pressure ahead of the confirmation hearing of United States (US) President Donald Trump’s nominee, Kevin Warsh, for the Federal Reserve’s (Fed) next chairman.
Deutsche Bank’s Chief UK Economist Sanjay Raja assesses the latest United Kingdom (UK) labour market data as stronger on the surface but still fragile underneath. He notes the surprise drop in unemployment and softer wage growth, which may comfort the Bank of England (BoE).
ING strategists Warren Patterson and Ewa Manthey say higher Oil and gas prices are reviving inflation concerns and acting as a near-term headwind for Gold, even as geopolitical risks support haven demand.
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