Trading news

ING strategist Frantisek Taborsky says Hungary remains central in Central and Eastern European (CEE), with the first post‑election central bank of Hungary, Magyar Nemzeti Bank (MNB) meeting expected to leave rates at 6.25% while focusing on updated forward guidance.

Here is what you need to know on Tuesday, April 28:

United States (US) equity markets trade with caution at the start of the European trading session on Tuesday. As of writing, S&P 500 futures are down 0.16% to near 7,160, and Dow Jones futures are flat slightly below 49,200.

OCBC strategists Sim Moh Siong and Christopher Wong note most Asian FX have firmed, led by MYR, THB and TWD, helped by Iran’s proposal on Hormuz. However, elevated Oil prices and constrained energy passthrough pose risks to demand and could restrain high‑beta, Oil‑sensitive Asian FX.

EUR/JPY depreciates after two days of gains, trading around 186.40 during European hours on Tuesday. The technical analysis of the daily chart indicates the currency cross slips below the ascending channel, signaling a possible bearish reversal.

The USD/JPY pair attracts some intraday selling after the Bank of Japan (BoJ) announced its policy decision and touches a one-week low earlier this Tuesday.

Danske Research Team reports that equities continue to grind higher, led by US and tech names, while cyclicals outperform and consumer staples lag. The rally is highly selective across sectors and regions, with US markets outperforming Europe.

Spain Retail Sales (YoY) up to 4.1% in March from previous 2.2%

Spain Unemployment Survey came in at 10.83%, above expectations (9.8%) in 1Q

The EUR/GBP cross trades on a flat note near 0.8660 during the early European trading hours on Tuesday. Traders prefer to wait on the sidelines ahead of the Bank of England (BoE) and the European Central Bank (ECB) interest rate decisions later on Thursday. 

Silver (XAG/USD) accelerated its downtrend on Tuesday, to hit fresh two-week lows at $73.35 at the time of writing, as markets shift focus from the war to the world’s major central banks, which will release their monetary policy decisions this week.

UOB’s strategists Quek Ser Leang and Lee Sue Ann highlight that EUR/USD briefly overshot to 1.1754 before closing unchanged near 1.1720, reinforcing a range-trading bias. Intraday, the Euro (EUR) is seen holding between 1.1695 and 1.1745.

West Texas Intermediate (WTI), futures on NYMEX, trades over 1% above $96.00 during the European trading session on Tuesday.

Commerzbank’s Volkmar Baur highlights that the Bank of Japan kept its policy rate at 0.75%, but sent a clear signal it is ready to hike soon, likely at the June meeting.

Sweden Trade Balance (MoM) rose from previous 1.8B to 9.3B in March

The Australian Dollar (AUD) demonstrated a mixed performance against its major currency peers, trading marginally lower against the US Dollar (USD) around 0.7180 during the European trading session on Tuesday.

The Indian Rupee (INR) weakens further after a brief pause against the US Dollar (USD) in the opening session on Tuesday. The USD/INR pair jumps to near 94.46 as elevated oil prices continue to hurt the Indian Rupee.

The USD/CAD pair posts modest gains near 1.3635 during the early European trading hours on Tuesday. Uncertainty over US-Iran peace talks and the closure of the Strait of Hormuz provide some support to a safe-haven currency such as the US Dollar (USD) against the Canadian Dollar (CAD). 

GBP/USD steadies for the second successive day, trading around 1.3530 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bullish bias as the pair moves sideways within the ascending channel pattern.

The NZD/USD pair struggles to capitalize on its strong gains registered over the past two days and attracts some sellers during the Asian session on Tuesday.