Nordea analysts Jan von Gerich, Tuuli Koivu and Anders Svendsen now expect the European Central Bank (ECB) to prioritise inflation over growth as the Middle East conflict prolongs and broader price pressures build.

TD Securities analysts note Swedish CPIF and CPIF ex-Energy inflation for March surprised sharply to the downside, driven mainly by weaker Food and Recreation, Sport & Culture prices, partly offset by petrol.

United States Redbook Index (YoY) climbed from previous 6.9% to 7.6% in April 3

Federal Reserve Bank of New York President John Williams told Bloomberg on Tuesday that the impact of the Iran war will drive up headline inflation.

Durable Goods Orders in the United States (US) declined 1.4%, or $4.4 billion, to $315.5 billion in February, the US Census Bureau reported on Tuesday. This print followed the 0.5% decline recorded in January and came in worse than the market expectation for a decrease of 0.5%.

Brown Brothers Harriman’s (BBH) Elias Haddad expects the Reserve Bank of New Zealand (RBNZ) to keep the OCR at 2.25%, with Governor Breman set to update growth and inflation projections.

United States Durable Goods Orders ex Transportation above forecasts (0.5%) in February: Actual (0.8%)

United States Durable Goods Orders ex Defense declined to -1.2% in February from previous 0.5%

United States Durable Goods Orders came in at -1.4% below forecasts (-0.5%) in February

Deutsche Bank’s Henry Allen argues that the S&P 500’s modest pullback versus past Oil shocks reflects markets pricing a short conflict, resilient macro data and still‑dovish central banks.

Private-sector hiring in the US has added extra momentum in mid-March. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 26K jobs per week in the four weeks ending March 14.

United States ADP Employment Change 4-week average climbed from previous 10K to 26K in March 14

"A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will," United States (US) President Donald Trump posted on Truth Social on Tuesday.

Societe Generale’s Kit Juckes discusses Robin Brooks’ view that the Dollar looks significantly overvalued versus G10 rate differentials and could fall sharply on a ceasefire, with Oil tumbling and safe-haven flows reversing.

Gold (XAU/USD) is trading in a choppy range on Tuesday with markets on edge as the ultimatum from US President Donald Trump to reach a deal with Iran nears its deadline.

BNY’s Head of Markets Macro Strategy Bob Savage highlights a growing divergence between the New Zealand Dollar (NZD) and Australian Dollar (AUD) as markets favor currencies backed by real assets.

Silver (XAG/USD) is showing a mild bearish momentum on Tuesday’s European trading session, with the reversal from Thursday's high, at 81.13, extending to levels below $72.00, amid vanishing hopes of a peace deal in Iran.

The Pound Sterling (GBP) surrenders its early gains against the US Dollar (USD) and flattens around 1.3240 during the European trading session on Tuesday.

Citing an unidentified senior US official, Axios reported on Tuesday that the US military conducted strikes on military targets located on Iran's Kharg Island.

ING analysts Ewa Manthey and Warren Patterson report that Aluminium supply risks have intensified after Iranian attacks on Emirates Global Aluminium’s Al Taweelah smelter and Aluminium Bahrain’s plant.

Commerzbank analysts highlight that Brent has climbed above $111 per barrel as the Iran conflict continues and Trump links any ceasefire deal to free Oil traffic through the Strait of Hormus.

TD Securities analysts highlight a record monthly rise in the Melbourne Institute Inflation Gauge, pushing headline and trimmed mean inflation to their highest non-COVID levels since 2008. At the same time, Australian household spending growth is modest and momentum is slowing.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that a prolonged energy shock from the Iran conflict heightens financial stability risks and supports the Dollar beyond what rate differentials imply.

Gold price (XAU/USD) trades higher to near $4,675.00, but is broadly sideways, during the European trading session on Tuesday.

The Australian Dollar (AUD) is trading higher against the US Dollar (USD) for the second consecutive day on Tuesday, but the pair failed to find any significant acceptance above 0.6950.

According to a Reuters report, a senior Iranian official has rejected a temporary ceasefire called in the two-tier deal by the United States, which was delivered by Pakistan.

The Euro (EUR) extends losses against the British Pound (GBP) for the second consecutive day on Tuesday, approaching the bottom of its near-term horizontal range at 0.8700, from Monday’s highs at 0.8735.

National Bank of Canada (NBC) economists Stéfane Marion and Kyle Dahms describe recent Euro (EUR) weakness versus Dollar (USD) after the Iran conflict and energy shock, but keep a recovery bias for EUR/USD.

The Indian Rupee (INR) ticks up against the US Dollar (USD) on Tuesday, with the USD/INR pair edging down to near 93.00.

Japan’s Finance Minister (FM) Satsuki Katayama said during European trading hours on Tuesday that the administration remains focused on mitigating risks to the Japanese economy in the wake of the Middle East war.