Trading news

Here is what you need to know on Tuesday, May 19:

OCBC’s FX Strategist Christopher Wong highlights that Asian FX has seen a modest stabilisation after an oil- and rates-led sell-off, helped by softer Brent and a pause in United States (US) yield gains.

The USD/CAD pair trades marginally higher to near 1.3750 during the European trading session on Tuesday.

Danske Research Team observes that equities moved lower on US tech underperformance and a defensive rotation, though most sectors ended higher and VIX declined.

Commerzbank’s Antje Praefcke notes that rising Oil prices linked to renewed Middle East tensions are lifting US inflation and pushing back expectations for Fed rate cuts, with markets even contemplating a hike by mid‑2027.

The British Pound (GBP) drifts further from Monday’s highs near 1.3440 against the US Dollar (USD) on Tuesday, reaching session lows a few pips above 1.3400 at the time of writing.

According to the Islamic Republic News Agency (IRNA), Iran's deputy foreign minister said on Tuesday that lifting sanctions, releasing frozen funds, and ending the United States (US) blockade are major demands included in Iran's recent proposal to the US.

The EUR/GBP cross attracts some dip-buyers on Tuesday, stalling the previous day's sharp retracement slide from the 0.8730 area, or the highest since April 7.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report EUR/USD has rebounded from 1.1607 but expects further gains to face strong resistance at 1.1685 in the near term.

United Kingdom Claimant Count Rate unchanged at 4.4% in April

The United Kingdom’s (UK) ILO Unemployment Rate rose to 5.0% in the three months to March after reporting 4.9% in the previous reading, data published by the Office for National Statistics (ONS) showed on Tuesday.

United Kingdom Employment Change (3M) climbed from previous 25K to 148K in March

United Kingdom Claimant Count Change came in at 26.5K below forecasts (27.3K) in April

United Kingdom ILO Unemployment Rate (3M) registered at 5% above expectations (4.9%) in March

United Kingdom Average Earnings Including Bonus (3Mo/Yr) registered at 4.1% above expectations (3.8%) in March

United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) meets expectations (3.4%) in March

The Indian Rupee (INR) holds onto its 10-day losses against the US Dollar (USD) in the opening session on Tuesday.

The EUR/USD pair trades 0.18% lower to near 1.1635 during the European trading session on Tuesday. The major currency pair faces selling pressure as the US Dollar (USD) resumes its upside journey amid firm expectations that the Federal Reserve (Fed) will not cut interest rates this year.

Silver price (XAG/USD) depreciates after registering 2.36% of gains in the previous day, trading around $76.30 during the Asian hours on Tuesday. Safe-haven demand for Silver fades as risk aversion eases after US President Donald Trump announced he was delaying a planned military strike on Iran.

The GBP/JPY cross trades in negative territory near 213.15 during the early European session on Tuesday. The stronger-than-expected Japan Gross Domestic Product (GDP) report for the first quarter (Q1) provides some support to the Japanese Yen (JPY) and acts as a headwind for the cross.