Trading news

Commerzbank analyst Michael Pfister notes that despite low Hungarian inflation and February’s initial 25 bp cut, the Iran war has shifted priorities, with markets and the bank expecting the central bank of Hungary, Magyar Nemzeti Bank (MNB) to hold rates today.

Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $69.56 per troy ounce, up 0.57% from the $69.17 it cost on Monday.

United Kingdom S&P Global Composite PMI below expectations (52.8) in March: Actual (51)

United Kingdom S&P Global Manufacturing PMI registered at 51.4 above expectations (51.1) in March

United Kingdom S&P Global Services PMI came in at 51.2, below expectations (53) in March

Rabobank’s Senior Macro Strategist Bas van Geffen notes that Iran’s control over the Strait of Hormuz and ongoing regional tensions are keeping risks elevated for Oil and broader energy markets.

Eurozone HCOB Manufacturing PMI came in at 51.4, above expectations (49.5) in March

Eurozone HCOB Composite PMI below forecasts (51.1) in March: Actual (50.5)

Eurozone HCOB Services PMI came in at 50.1 below forecasts (51) in March

OCBC strategists Sim Moh Siong and Christopher Wong stay constructive on the Australian Dollar (AUD) despite recent risk-off pressure from higher energy prices. They highlight above-target inflation, resilient domestic activity and a more hawkish Reserve Bank of Australia (RBA) as key supports.

Dow Jones futures inch higher 0.9% to above 46,550 during European hours on Tuesday, ahead of the US cash market open. Meanwhile, S&P 500 and Nasdaq 100 futures gains 0.14% and 0.23% to near 6,650 and 24,460, respectively, at the time of writing.

ING economist Chris Turner notes EUR/GBP remains offered despite sharp declines in UK short‑dated rates, with clear technical support at 0.8600/0.8620 that markets expect to hold.

Danske Research Team notes softer Japanese data, with composite PMI slipping and core CPI falling below target for the first time in four years, largely due to fuel subsidies. Despite this, PMIs show rising input prices and a weak Japanese Yen.

Germany HCOB Composite PMI came in at 51.9, above forecasts (51.8) in March

Germany HCOB Manufacturing PMI above forecasts (49.8) in March: Actual (51.7)

Germany HCOB Services PMI came in at 51.2 below forecasts (52.5) in March

ING’s Chris Turner notes the Dollar has softened after comments on possible negotiations with Iran, but sees limited downside while the Strait of Hormuz remains shut and energy prices are elevated.

France HCOB Services PMI came in at 48.3 below forecasts (49.2) in March

France HCOB Manufacturing PMI came in at 50.2, above forecasts (49) in March

France HCOB Composite PMI down to 48.3 in March from previous 49.9