West Texas Intermediate (WTI) US Oil trades around $60.50 on Tuesday at the time of writing, down 0.25% on the day, extending the pullback seen in the previous day.

Commerzbank's report by Antje Praefcke indicates that the Norwegian Krone (NOK) is expected to remain stable with a slight upward trend. Norges Bank is signaling only one interest rate cut per year as inflation remains high, while the economic outlook for Norway is positive.

The Euro (EUR) has reversed previous losses and rallied to test September 2025 highs at the 1.1920 area, which are under pressure at the time of writing.

UBS's Paul Donovan comments on the current state of the Dollar, noting that while it remains weaker, it has not significantly declined further. He suggests that the Dollar is losing market share, which indicates a slide into mediocrity rather than a dramatic decline.

The Yen extends gains for the third consecutive day against the US Dollar on Tuesday. The USD/JPY pair trades at 153.75 at the time of writing after the Greenback’s recovery attempts found sellers a few pips shy of the 155.00 level.

Gold (XAU/USD) rebounds on Tuesday, recovering from a modest pullback after posting a fresh record high of $5,111 on Monday. The metal remains underpinned by strong safe-haven demand as investors stay cautious amid lingering geopolitical tensions and broader economic uncertainty.

US natural gas prices have continued to rally, with front-month Henry Hub settling almost 29% higher at $6.80/MMBtu.

Mexico Trade Balance s/a, $ dipped from previous $-0.274B to $-0.86B in December

Mexico Trade Balance, $ registered at $2.43B above expectations ($1.64B) in December

Brazil Mid-month Inflation came in at 0.2%, below expectations (0.22%) in January

Gold (XAU/USD) has resumed its broader upside trend on Tuesday, and returns to levels near the all-time highs in the $5,100 area. Trade uncertainties, growing fears of a US government shutdown, and market expectations of further Fed easing are boosting demand for safe havens.

Rabobank's RaboResearch discusses the Japanese Yen's recent performance, noting a reversal in 10-year yields and the potential for intervention amid rising inflation and trade deficits.

Silver (XAG/USD) trades around 112.50 on Tuesday at the time of writing, up 3.80% on the day, extending its four-day bullish momentum after erasing recent losses.

Brown Brothers Harriman's (BBH) report indicates that the USD continues to trade defensively, with expectations for the dollar index (DXY) to hold above its July and September 2025 lows.

Deutsche Bank Research forecasts a sustained incentive price regime for Copper, driven by inelastic mine supply and electrification-linked demand. The report anticipates a quarterly peak of $13,000/t in Q2, followed by moderation in prices as production recovers at major mines.

The National Bank of Hungary is expected to maintain rates at 6.50% in its upcoming meeting, with a potential rate cut anticipated in February. Analysts at ING note that the market sees a 60/40 chance in favor of a rate cut, influenced by January inflation data.

The Euro nudged up from six-week lows, right below 182.00 against the Yen on Tuesday, as convictions about a BoJ-Fed intervention start to fade, but met resistance at the 183.65 area before pulling back to levels right below 183.00 at the time of writing.

United Kingdom NIESR GDP Estimate (3M): 4.296% (December) vs -0.1%

The EUR/USD has seen a rebound due to broad-based US Dollar weakness and easing political risks in France. The pair is approaching last year's high of 1.1919, with a potential break above this level opening the door for a rise above 1.2000.

Deutsche Bank Research highlights the impact of higher geopolitical volatility on commodity prices, particularly Gold. The report suggests that Gold's continued rise is driven by persistent investment motives, with expectations of reaching USD 6,000/oz this year.

DBS Group Research analyst Philip Wee discusses the recent dynamics of the USD/JPY amid a global USD sell-off initiated by Japan-centric policy risks. The report highlights the significance of the 50-day moving average and the upcoming FOMC meeting, which may influence the USD's trajectory.

Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $112.73 per troy ounce, up 3.88% from the $108.52 it cost on Monday.

EUR/GBP eases to 0,8675 after failure to break 0.8685 highs

USD/CHF extends its recovery for the second successive session, trading around 0.7780 during the European hours on Tuesday. The pair appreciates as the US Dollar (USD) gains ground amid market caution ahead of the looming Federal Reserve (Fed) policy due on Wednesday.

In its FX Weekly Dispatch, TD Securities maintains a bearish outlook on the USD, driven by a backdrop of solid global growth and declining safe-haven appeal.

The GBP/USD pair struggles to find acceptance or build on its gains beyond the 1.3700 mark for the second consecutive day and edges lower during the early part of the European session on Tuesday. The downside, however, remains cushioned, with spot prices holding above mid-1.3600s.

The report from Deutsche Bank discusses the recent volatility in Silver prices, which have surged significantly since the start of the year. Despite a pullback, Silver remains up over 260% since the beginning of 2025.

Gold (XAU/USD) maintains its bid tone for the seventh straight day on Tuesday, though it seems to struggle to build on the momentum beyond the $5,100 mark and remains below the all-time peak through the first half of the European session.

The USD/INR pair pares its daily gains but maintains its position near an all-time high of 91.96, reached on January 23. The Indian Rupee (INR) receives support as market sentiment improves following India's decision of reducing tariffs on European Union (EU) car imports to 40% from as high as 110%.

TD Securities' FX Weekly Dispatch, authored by Jayati Bharadwaj, outlines the changing dynamics for USDJPY as the US Treasury engages in the FX market to support the Ministry of Finance.