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EUR/USD extends upside as US credit downgrade keeps Greenback on backfoot
EUR/USD extends upside as US credit downgrade keeps Greenback on backfoot
EUR/USD trades firmly near 1.1250 in Tuesday’s North American session, following the previous day’s upside move.
EURUSD
ECB
DollarIndex
Inflation
SEO
China's crude Oil processing weak in April – Commerzbank
China's crude Oil processing weak in April – Commerzbank
China's refineries appear to have used the recent low Oil prices primarily to increase their inventories, Commerzbank's commodity analyst Carsten Fritsch notes.
Oil
Banks
Energy
WTI
The RBA continues to cut – Commerzbank
The RBA continues to cut – Commerzbank
The Reserve Bank of Australia (RBA) has decided to continue its cycle of interest rate cuts, lowering its key interest rate by another 25 basis points to 3.85% this morning, Commerzbank's FX analyst Antje Praefcke notes.
Banks
AUDUSD
RBA
Technical Analysis
Australia
NZD/USD: Likely to trade in a 0.5900/0.5950 range – UOB Group
NZD/USD: Likely to trade in a 0.5900/0.5950 range – UOB Group
New Zealand Dollar (NZD) is likely to trade in a 0.5900/0.5950 range vs US Dollar (USD). In the longer run, outlook remains mixed, but NZD is likely to trade in a tighter range of 0.5835/0.5985, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZDUSD
Banks
Technical Analysis
Fed faces MAGA criticism over spending – Commerzbank
Fed faces MAGA criticism over spending – Commerzbank
The damage to Fed independence doesn't have to happen with a big bang, but could be much more subtle.
Banks
Fed
InterestRate
LME Aluminium inventories surge – ING
LME Aluminium inventories surge – ING
Readily available Aluminium inventories in London Metal Exchange (LME) warehouses jumped by 92,950 tonnes to 343,025 tonnes yesterday. It’s the biggest tonnage increase since May 2024.
Commodities
Metals
Banks
Copper
AUD/USD: Unlikely to reach 0.6515 – UOB Group
AUD/USD: Unlikely to reach 0.6515 – UOB Group
Australian Dollar (AUD) could continue to rise vs US Dollar (USD), but any advance is unlikely to reach 0.6515; there is another resistance level at 0.6475.
AUDUSD
Technical Analysis
Banks
USD: Gently offered – ING
USD: Gently offered – ING
FX markets have started the week in quiet fashion. US President Donald Trump's two-hour call with Russian President Vladimir Putin appears to have yielded few results and left European leaders with the view that they're on their own in support of Ukraine.
Banks
DollarIndex
Technical Analysis
Silver price today: Silver rises, according to FXStreet data
Silver price today: Silver rises, according to FXStreet data
Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data.
Silver
Commodities
Metals
Natural Gas drops over 6% – ING
Natural Gas drops over 6% – ING
US natural Gas prices slumped to a multi-week low as robust storage builds and mild weather forecasts dampened demand expectations, ING's commodity experts Ewa Manthey and Warren Patterson note.
Gas
Commodities
Energy
The return of the twin deficit? – Commerzbank
The return of the twin deficit? – Commerzbank
You have to look long and hard to find any arguments in favor of the dollar at the moment. And I fear that, in all the turmoil, another structurally negative constellation could ultimately emerge, one that the 'old hands' among us in the market probably still remember: the US twin deficit.
Banks
DollarIndex
UnitedStates
Technical Analysis
Fed
Japan mulls accepting US tariff reduction, not exemption – Kyodo
Japan mulls accepting US tariff reduction, not exemption – Kyodo
Japanese media outlet, Kyodo News, reported on Tuesday that Japan is considering accepting lower US tariff rates and not demanding exemption.
Japan
USDJPY
TradeWar
UnitedStates
AUD/JPY Price Forecast: Seems vulnerable while below 93.00 and 23.6% Fibo. level
AUD/JPY Price Forecast: Seems vulnerable while below 93.00 and 23.6% Fibo. level
The AUD/JPY cross comes under renewed selling pressure following the previous day's modest uptick and drops to a nearly two-week low during the first half of the European session on Tuesday.
AUDJPY
RBA
BOJ
Technical Analysis
Currencies
BoE’s Pill: We now need cautious cuts
BoE’s Pill: We now need cautious cuts
Bank of England (BoE) Chief Economist Huw Pill commented on the policy outlook in his scheduled speech on Tuesday.
CentralBanks
InterestRate
GBPUSD
BOE
Gold price ties up with gains on geopolitical uncertainty remaining elevated
Gold price ties up with gains on geopolitical uncertainty remaining elevated
Gold (XAU/USD) price trades around $3,240 on Tuesday at the time of writing, after reversing an earlier slide lower where several Federal Reserve (Fed) officials on Monday, commented on the US credit rating downgrade by rating agency Moody’s.  Federal Reserve Bank of Atlanta President Raphael Bosti
Gold
Commodities
UnitedStates
SEO
GBP/USD: Any advance is likely part of a higher range of 1.3325/1.3410 – UOB Group
GBP/USD: Any advance is likely part of a higher range of 1.3325/1.3410 – UOB Group
Further Pound Sterling (GBP) strength still seems likely vs US Dollar (USD); any advance is likely part of a higher range of 1.3325/1.3410.
GBPUSD
Technical Analysis
Banks
Silver Price Forecast: XAG/USD challenges strong resistance at nine-day EMA around $32.50
Silver Price Forecast: XAG/USD challenges strong resistance at nine-day EMA around $32.50
Silver price (XAG/USD) seems to extend its losses for the third successive session, trading around $32.30 per troy ounce during the European hours on Tuesday.
Silver
XAGUSD
Technical Analysis
Commodities
Metals
Oil: Chinese oil demand falls – ING
Oil: Chinese oil demand falls – ING
The Oil market eked out a small gain yesterday, with ICE Brent holding above US$65/bbl. The scheduled call between President Trump and President Putin doesn’t appear to have led to any significant breakthroughs. Trump said that Russia and Ukraine would begin talks on ending the war.
Oil
Banks
China
Energy
EUR/USD: A clear break above 1.1290 is unlikely – UOB Group
EUR/USD: A clear break above 1.1290 is unlikely – UOB Group
Chance for Euro (EUR) to retest the 1.1290 level against the US Dollar (USD) before a more sustained pullback is likely; a clear break above this level is unlikely.
EURUSD
Technical Analysis
Banks
AUD: RBA seen as a little more dovish – ING
AUD: RBA seen as a little more dovish – ING
AUD/USD briefly sold off around 0.3% on the Reserve Bank of Australia's decision to cut rates 25bp today to 3.85%, ING's FX analyst Chris Turner notes.
AUDUSD
Technical Analysis
Banks
RBA
Pound Sterling flattens against US Dollar ahead of UK CPI data
Pound Sterling flattens against US Dollar ahead of UK CPI data
The Pound Sterling (GBP) surrenders initial gains and flattens around 1.3365 against the US Dollar (USD) during North American trading hours on Tuesday. The GBP/USD pair turns flat as the US Dollar recoups early losses, with the US Dollar Index (DXY) gaining ground near 100.00.
GBPUSD
BOE
Fed
Inflation
SEO
EUR/GBP holds gains above 0.8400 despite worse-than-expected German PPI data
EUR/GBP holds gains above 0.8400 despite worse-than-expected German PPI data
EUR/GBP extends its upward momentum for a second consecutive session, trading around 0.8420 during European hours on Tuesday.
EURGBP
Crosses
Macroeconomics
Eurozone
UnitedKingdom
Breaking: Canadian core CPI rose 2.5% YoY in April
Breaking: Canadian core CPI rose 2.5% YoY in April
Canada’s inflation edged lower in April, with the Consumer Price Index (CPI) rising 1.7% from a year earlier, down from March’s 2.3% gain and above previous estimates, Statistics Canada reported. On a monthly basis, the headline CPI contracted by 0.1%, down from the previous month’s 0.3% advance.
Breaking
Inflation
USDCAD
Canada
SEO
NZD/USD Price Forecast: Hovers around 0.5950, confines within a consolidation rectangle
NZD/USD Price Forecast: Hovers around 0.5950, confines within a consolidation rectangle
The NZD/USD pair halts its two-day winning streak, trading around 0.5930 during the European hours on Tuesday. Daily chart technicals suggest a neutral outlook, with the pair remaining confined within a consolidation rectangle.
NZDUSD
Technical Analysis
Majors
So much fuss for nothing as US yields erase the downgrade rise
So much fuss for nothing as US yields erase the downgrade rise
In the end it was a nothingburger as expected and now we can go back to focusing on what really matters
Bonds
WTI hovers around $62.00, downside appears due to Russia-Ukraine peace talks
WTI hovers around $62.00, downside appears due to Russia-Ukraine peace talks
West Texas Intermediate (WTI) Oil price is trading around $62.00 per barrel during the early European session on Tuesday, retreating after two consecutive days of gains. The pullback comes as markets evaluate the possible effects of a Russia-Ukraine ceasefire on global Oil supply.
Oil
WTI
Macroeconomics
Commodities
Majors
FX option expiries for May 20 NY cut
FX option expiries for May 20 NY cut
FX option expiries for May 20 NY cut at 10:00 Eastern Time via DTCC can be found below.
Options
Currencies
AUDUSD
European indices slightly higher at the open as downgrade concerns vaporise
European indices slightly higher at the open as downgrade concerns vaporise
Markets erased all the losses from the Moody's downgrade and climbed to new highs
Stocks
USD/CHF remains on the defensive below 0.8350 on weaker US Dollar
USD/CHF remains on the defensive below 0.8350 on weaker US Dollar
The USD/CHF pair remains under selling pressure around 0.8335 during the early European session on Tuesday. The rising bets that the Federal Reserve (Fed) will lower borrowing costs further this year weigh on the Greenback against the Swiss Franc.
USDCHF
Majors
Macroeconomics
ECB’s Schnabel: Disinflation is on track, but new shocks are posing new challenges
ECB’s Schnabel: Disinflation is on track, but new shocks are posing new challenges
European Central Bank (ECB) board member Isabel Schnabel said on Tuesday, “disinflation is on track, but new shocks are posing new challenges.”
ECB
CentralBanks
InterestRate
EURUSD
BoJ: Some members said JGB market functionality improving as a trend due to BoJ's taper
BoJ: Some members said JGB market functionality improving as a trend due to BoJ's taper
The BoJ released briefing material used at its meeting with bond market participants
ECB's Schnabel: Disinflation is on track, but new shocks are posing new challenges
ECB's Schnabel: Disinflation is on track, but new shocks are posing new challenges
Comments from the ECB policymaker, Isabel Schnabel on her X account
What are the main events for today?
What are the main events for today?
The Canadian CPI and more Fedspeak are the main highlights
market overview
USD/CAD flat lines around mid-1.3900s; looks to Canadian inflation data for fresh impetus
USD/CAD flat lines around mid-1.3900s; looks to Canadian inflation data for fresh impetus
The USD/CAD pair extends its sideways consolidative price move heading into the European session on Tuesday and currently trades around mid-1.3900s, nearly unchanged for the day. Moreover, the mixed fundamental backdrop warrants some caution before placing aggressive directional bets.
USDCAD
Fed
Inflation
BOC
Currencies
Crude Oil price today: WTI price bearish at European opening
Crude Oil price today: WTI price bearish at European opening
West Texas Intermediate (WTI) Oil price falls on Tuesday, early in the European session. WTI trades at $61.85 per barrel, down from Monday’s close at $62.09.
Oil
WTI
Commodities