Trading news

The countdown is on. With the US-Iran ceasefire set to expire late Wednesday, Tuesday delivered dueling statements from both sides that looked more like pre-conflict posturing than pre-deal diplomacy.

USD/CAD holds firm on Tuesday as the US Dollar (USD) steadies after recent weakness, although the pair lacks strong upside momentum as elevated Oil prices provide underlying support to the commodity-linked Canadian Dollar (CAD).

Rabobank’s Global Strategist Michael Every highlights a complex European backdrop for the Euro (EUR), with Ukraine’s battlefield gains, EU financing plans, and internal political splits.

Scotiabank strategists Shaun Osborne and Eric Theoret observes the Canadian Dollar (CAD) is modestly softer as USD stabilizes, but stresses the broader USD/CAD bear trend remains intact.

USD/JPY edges higher on Tuesday, supported by a modest rebound in the US Dollar (USD) as market sentiment turns risk-averse.

Dow Jones Industrial Average (DJIA) futures eased in Tuesday's session, with the contract printing a fresh overnight high near 49,800 before reversing sharply as traders digested a trio of hotter-than-expected US Retail Sales prints and hawkish testimony from Fed Chair-designate Kevin Warsh.

NZD/USD trades around 0.5900 on Tuesday at the time of writing, up 0.20% on the day, extending its rebound from the lows near 0.5850 recorded on Monday.

The AUD/USD fell near the 0.7160 level on Tuesday, maintaining a constructive tone as the US Dollar (USD) gained momentum amid destabilizing risk sentiment.

GBP/USD retreats, losing 0.18%, as the US Dollar recovers following a solid US Retail Sales report. Data in the UK reveals the labor market remains solid, while traders digest headlines from the Fed Chair nominee, Kevin Warsh, at the US Senate.

New Zealand GDT Price Index increased to -2.7% from previous -3.4%

West Texas Intermediate (WTI) US Oil trades around $98.25 at the time of writing on Tuesday, up 0.21% on the day.

EUR/USD trades under pressure on Tuesday as the US Dollar (USD) steadies after recent weakness, with upbeat US economic data and weaker Eurozone sentiment adding further downside pressure on the Euro (EUR).

TD Securities' Senior Commodity Strategist Daniel Ghali frames Gold within what he calls the Hegemon trade, tied to perceptions of US power and fiscal sustainability.

Rabobank’s Senior FX Strategist Jane Foley argues that UK politics, including questions over Prime Minister Starmer’s position and Labour’s prospects in May elections, will weigh on GBP sentiment.

United States Pending Home Sales (YoY) down to -1.1% in March from previous -0.8%

United States Business Inventories below expectations (0.3%) in February: Actual (-1.1%)

United States Business Inventories above expectations (0.3%) in February: Actual (0.4%)

United States Pending Home Sales (MoM) above expectations (0.1%) in March: Actual (1.5%)

TD Securities analysts note Canadian Consumer Price Index (CPI) accelerated to 2.4% year-on-year in March, driven by higher Oil prices, but core measures remained subdued. They see the print as dovish and consistent with Bank of Canada (BoC) guidance to look through temporary spikes.

ING analysts Warren Patterson and Ewa Manthey say Oil is trading on hopes of progress in US–Iran peace talks, while ongoing disruptions through the Strait of Hormuz keep supply risks elevated.