Commerzbank’s Dr. Vincent Stamer argues persistent Euro area inflation above 3% and rising core pressures make an European Central Bank (ECB) rate increase unavoidable. He cites firms’ intentions to pass on higher energy costs and elevated consumer inflation expectations.

The number of job openings in the United States (US) came in at 7.618 million in April, up sharply from the revised 6.887 million in March, the US Bureau of Labor Statistics (BLS) reported in its Job Openings & Labor Turnover (JOLTS) report on Tuesday.

Société Générale economist Sam Cartwright notes Euro area headline inflation rose to 3.2% year-on-year in May, with core inflation at 2.5%. Services, not energy, led the increase, partly due to Easter timing effects.

Gold (XAU/USD) remains trapped within a two-week range on Tuesday as traders track rapidly changing headlines from the Middle East. At the time of writing, XAU/USD trades around $4,493 after touching an intraday high of $4,541.

ING analysts Warren Patterson and Ewa Manthey note that Oil prices remain highly sensitive to shifting US–Iran negotiation headlines, with recent breakdowns in talks boosting prices. They highlight additional risks from Iranian threats in the Bab el‑Mandeb and Russia’s jet fuel export ban.

United States RealClearMarkets/TIPP Economic Optimism (MoM) below expectations (44.5) in June: Actual (42.5)

United States JOLTS Job Openings registered at 7.618M above expectations (6.88M) in April

USD/JPY ticks higher on Tuesday, moving toward the 160.00 mark once again and raising the risk of another intervention by Japanese authorities. At the time of writing, the pair trades around 159.80.

West Texas Intermediate (WTI) edges lower on Tuesday, trading around $90.15 at the time of writing, down 0.89% on the day.

MUFG’s Derek Halpenny and Abdul-Ahad Lockhart underline that the latest ISM Manufacturing data show strong United States (US) economic resilience despite Middle East uncertainty. The headline index has reached a four-year high, with broad-based gains across sub-indices and rising new orders.

Deutsche Bank economists say in their World Outlook (WO) report, the United Kingdom (UK) entered the energy shock with stronger Q1‑2026 data, prompting only a marginal downgrade to growth. Stockpiling is expected to cushion activity as higher energy costs feed into inflation and real incomes.

Nordea’s Tuuli Koivu and Anders Svendsen argue that persistent inflation pressures and a resilient labour market point to a new European Central Bank (ECB) hiking cycle starting in June.

TD Securities raises its outlook for Silver and PGMs despite near-term correction risks similar to Gold. The team upgrades Silver and PGM forecasts over the next two quarters and further improves the long-term view, citing Gold’s projected strength and an improving global economy.

ING’s Francesco Pesole warns that USD/JPY short-dated implied volatility is not reflecting renewed intervention risk as the pair retests 160.0. Markets seem to expect the Bank of Japan’s June meeting to help cap the pair.

Singapore Manufacturing PMI climbed from previous 50.7 to 51 in May

DBS Group Research’s Philip Wee argues that FX Majors remain range-bound as markets digest shifting narratives around Middle East tensions and the upcoming Fed leadership transition.

United States Redbook Index (YoY) remains at 9% in May 29

Brown Brothers Harriman’s Elias Haddad writes that mixed Eurozone Consumer Price Index (CPI) data and a fully priced 25 bps European Central Bank (ECB) hike leave the Euro (EUR) under pressure but not collapsing.

Beth Hammack, President of the Federal Reserve (Fed) Bank of Cleveland, struck a distinctly hawkish tone on Tuesday, warning that persistent inflation risks may eventually require a policy response.Key Quotes

Rabobank’s Senior FX Strategist Jane Foley focuses on the Swedish Krona (SEK), noting that SEK has been the weakest G10 currency since the Iran war but has recently outperformed on a one‑month view.

Commerzbank’s Michael Pfister argues that the Brazilian Real’s (BRL) strong run is likely to pause as fiscal expansion, renewed inflation pressures and a polarized election weigh on sentiment.

ING’s Warren Patterson and Ewa Manthey report that EU Natural gas storage has risen above 40% but remains well below the five-year average. With peace talks stalling and LNG disruptions from the Middle East, they see rising risks of tighter supply into winter.

TD Securities strategists have cut their Gold forecasts for the next two quarters as higher inflation expectations from supply shocks lift yields and keep the Dollar firm, with markets even pricing a potential Fed hike in late 2026.

Swiss National Bank (SNB) Chairman Martin Schlegel said during the European trading session on Tuesday that the central bank is now more ready to intervene against one-way appreciating moves in the Swiss Franc (CHF).

Silver price (XAG/USD) trades 1.85% higher to near $76.30 during the European trading session on Tuesday. The white metal gains as oil prices have corrected, while uncertainty surrounding the United States (US)-Iran remains intact.

BNY’s Bob Savage highlights a strong JGB auction and falling yields as markets price a 76% chance of a Bank of Japan (BoJ) rate hike this month. Despite this, USD/JPY remains near 160 for a fourth day, with Japanese officials issuing repeated intervention warnings.

The Euro (EUR) appreciates higher against the US Dollar (USD) on Tuesday, although the pair remains capped below 1.1650.

Brown Brothers Harriman’s Elias Haddad notes that the May ISM manufacturing index points to a more restrictive Federal Reserve (Fed) stance and a firmer US Dollar (USD), with the headline index rising to a four-year high.

Nordea economists Tuuli Koivu and Anders Svendsen say rising Euro-area headline and core inflation, driven mainly by higher energy costs and robust services prices, strengthens the case for an ECB rate hike in June.

Societe Generale analysts observe that EUR/PLN is trading near an ascending trendline from February 2025 and oscillating around its 200-day moving average. The pair is currently confined within a 4.2100–4.2650 consolidation band.