Trading news

West Texas Intermediate (WTI) trades around $101.10 on Tuesday, down 1.26% at the time of writing, after posting strong gains the previous day amid escalating geopolitical tensions in the Middle East.

ING’s Chris Turner warns that higher natural gas prices could become a fresh headwind for the Euro (EUR). He reiterates ING’s view that 1.17 remains a fair level for EUR/USD under current assumptions for energy, policy and equities.

Dow Jones futures gain 0.24%, trading near 49,200 during the European hours on Tuesday, ahead of the United States (US) regular opening. Meanwhile, the S&P 500 rise 0.30% to near 7,250, and the Nasdaq 100 futures advance 0.48% above 27,900.

Societe Generale strategists note AUD/USD has pulled back after the Reserve Bank of Australia (RBA) delivered a third 25bp hike to 4.35% while signalling a pause.

Spain 12-Month Letras Auction increased to 2.635% from previous 2.611%

Spain 6-Month Letras Auction down to 2.357% from previous 2.362%

Commerzbank’s Michael Pfister argues that recent strength in the Pound (GBP) is unlikely to last, as ambitious Bank of England (BoE) rate expectations and renewed political risks weigh on the outlook.

National Bank of Canada (NBC) strategists Stéfane Marion and Kyle Dahms note the Canadian Dollar (CAD) has rebounded sharply, with USD/CAD moving back toward 1.35 as higher Oil prices bolster Canada’s trade and fiscal outlook.

BNY’s John Velis reviews the April Federal Open Market Committee (FOMC), highlighting four dissents against the easing bias and implications for future policy under incoming Chair Kevin Warsh.

Here is what you need to know on Tuesday, May 5:

NZD/USD inches higher after two days of losses, trading around 0.5880 during the Asian hours on Tuesday. The pair holds ground as the US Dollar (USD) lost its daily gains despite increased safe-haven demand following uncertainty surrounding the Middle East conflict.

Commerzbank’s Volkmar Baur notes that the Reserve Bank of Australia (RBA) has raised rates for the third time this year to 4.35%, prioritizing inflation expectations and second‑round risks over softer March Consumer Price Index (CPI).

Brazil Fipe's IPC Inflation: 0.4% (April) vs previous 0.59%

DBS Group Research’s Radhika Rao highlights renewed weakness in the Indian Rupee (INR), with USD/INR moving back toward the 95.00 handle on persistent foreign portfolio outflows and an unfavourable global risk backdrop.

TD Securities strategists see USD/JPY consolidating around 157.00 in Q2 2026 after the recent Japanese Ministry of Finance (MoF) intervention triggered a 3% drop.

Deutsche Bank analysts report that the S&P 500 slipped from record highs as higher Oil prices and rising Treasury yields weighed on risk assets.

ING analysts Warren Patterson and Ewa Manthey note that ICE Brent has surged as renewed conflict in the Persian Gulf raises concerns over supply disruptions.

OCBC strategists Sim Moh Siong and Christopher Wong highlights renewed weakness in Silver as Middle East tensions and higher Oil prices weigh on risk sentiment.

Spain Unemployment Change below expectations (-18.6K) in April: Actual (-62.668K)

Michael Wan at MUFG highlights that the Indian Rupee entered the Iran conflict period already facing strong capital outflows, shaping its vulnerability. The Reserve Bank of India is reportedly considering measures to attract Dollar inflows, including a possible FCNR swap scheme and tax changes.