United States Redbook Index (YoY) declined to 6.7% in April 17 from previous 7%

Retail Sales in the United States (US) rose 1.7% to $752.1 billion in March, the US Census Bureau reported on Tuesday. This print followed the 0.7% increase (revised from 0.6%) recorded in February and surpassed the market expectation of 1.4%.

Rabobank’s Senior FX Strategist Jane Foley highlights that UK political uncertainty around Labour leadership and upcoming May elections could distract GBP markets this spring. She links GBP’s earlier outperformance to a sharp repricing of Bank of England (BoE) expectations, now partly unwound.

Danske Research Team notes that Canadian headline inflation rose to 2.4% year-on-year in March, slightly below expectations, while core measures stayed stable.

United States Retail Sales (YoY): 4% (March) vs 3.7%

United States Retail Sales ex Autos (MoM) came in at 1.9%, above forecasts (1.4%) in March

United States Retail Sales Control Group above forecasts (0.2%) in March: Actual (0.7%)

United States Retail Sales (MoM) registered at 1.7% above expectations (1.4%) in March

BNY’s John Velis highlights uncertainty around Federal Reserve (Fed) leadership as Kevin Warsh faces Senate confirmation hearings. Political conditions could delay his appointment, while Jerome Powell has pledged to stay as Chair pro tempore until an investigation concludes.

United States ADP Employment Change 4-week average: 54.8K (March 28) vs 39K

Gold (XAU/USD) trades with a mild negative bias on Tuesday but lacks strong directional momentum, as investors hold back from aggressive positioning amid uncertainty over whether US-Iran peace talks will resume, following renewed tensions in the Strait of Hormuz over the weekend.

The Euro (EUR) posts moderate losses against the US Dollar (USD), trading at 1.1765 ahead of Tuesday's US session opening, after being capped at the 1.1790 area on Monday.

ING analysts Warren Patterson and Ewa Manthey report Copper has eased after recent gains but remains near two‑month highs, with macro headwinds and tighter monetary policy weighing on industrial metals demand.

The Pound Sterling (GBP) demonstrates a mixed performance against its major currency peers during the late European trading session on Tuesday.

United States (US) President Donald Trump said during late European trading hours on Tuesday, through a post on Truth Social, that Iran has violated the terms of the two-week ceasefire numerous times.

TD Securities’ Global Strategy Team expects US Retail Sales for March to post strong gains, led by higher gasoline prices and solid control group spending. They see only a sideways move in auto sales and firm food services.

The US Dollar (USD) posts moderate gains against the Japanese Yen (JPY) on Tuesday, with price action returning above 159.00 after bouncing up from 157.59 lows on Friday. The pair, however, remains bouncing back and forth within a broadly 150-pip range, from 158.50 to the key 160.00 level.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that GBP/USD is trading near 1.3500 after a mixed United Kingdom (UK) labor report, with falling unemployment but weaker payrolls. Easing wage pressures below the BoE’s projections support renewed easing later this year.

Danske Research Team reports that Reuters sources suggest the Bank of Japan (BoJ) is likely to hold off raising interest rates at the April meeting due to uncertainty from the Iran war.

The United States (US) Retail Sales data for March is scheduled to be published today at 12:30 GMT.

The US Dollar (USD) shows marginal gains against the Canadian Dollar (CAD) on Tuesday, trimming losses after a six-day selloff. The USD/CAD pair has reached session highs right above 1.3660 but remains relatively close to the five-week lows of 1.3635 set the previous day.  

Commerzbank’s Christoph Rieger highlights Kevin Warsh’s confirmation hearing as a key event for US rates, with potential for far-reaching changes to Federal Reserve balance sheet operations.

ING’s Chris Turner highlights strong foreign demand for Eurozone assets, with EUR280bn of equities and debt bought in the first two months of the year, which may be marginally supportive for the Euro (EUR).

The US benchmark West Texas Intermediate (WTI) Oil is trading at $85.75 per barrel at the time of writing on Tuesday, practically flat on the daily chart, after having pulled back from Monday’s highs at $88.50.

Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $78.85 per troy ounce, down 1.10% from the $79.73 it cost on Monday.

TD Securities’ James Rossiter notes that Oil prices are stabilizing slightly above $90 per barrel, with Brent trading in a $90–100 range since the ceasefire began.

The Indian Rupee (INR) extends Monday's losses against the US Dollar (USD) on Tuesday.

EUR/JPY remains steady after modest gains registered in the previous day, trading around 187.20 during the Asian hours on Monday. The currency cross holds ground as the Euro (EUR) moves little following the release of German ZEW Survey data.

The AUD/USD pair trades 0.35% lower around 0.7150 during the European trading session on Tuesday.

Kevin Warsh, United States (US) President Donald Trump's nominee to replace Jerome Powell as the next chair of the Federal Reserve (Fed), will testify before the Senate Banking Committee on Tuesday.