Sterling holds ground amid geopolitical risks and UK election uncertainty.The British pound remained broadly stable on Tuesday, as traders turned their attention to the upcoming UK local elections and escalating tensions between the United States and Iran in the Strait of Hormuz. Sterling was little changed at $1.3539 and edged slightly higher against the euro, trading at 86.31 pence.

Sterling steady as UK local elections loom.The British pound was broadly steady on Tuesday as traders focused on UK local elections on Thursday that could add to the pressure ​on Prime Minister Keir Starmer, and the standoff between the U.S. and Iran ‌in the Strait of Hormuz.

Rupee hits record low at 95.28 vs USD as economic worries mount on renewed US-Iran tensions.The rupee reached a historic low against the dollar on Tuesday. This decline is linked to renewed tensions in the Middle East and escalating oil prices.

CHF: Safe haven appeal offsets SNB stance – BBH.CHF: Safe haven appeal offsets SNB stance – BBH

USD: Fed pricing supports DXY recovery – ING.USD: Fed pricing supports DXY recovery – ING

EUR: Gradual gains after uneven near term – NBC.EUR: Gradual gains after uneven near term – NBC

USD/JPY: Intervention battles rising Oil – DBS.USD/JPY: Intervention battles rising Oil – DBS

WTI Oil pulls back as Hormuz supply worries ease, Iran-US tensions keep volatility high.WTI Oil pulls back as Hormuz supply worries ease, Iran-US tensions keep volatility high

Spain 12-Month Letras Auction increased to 2.635% from previous 2.611%.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%.Spain 6-Month Letras Auction down to 2.357% from previous 2.362%

Yen Weakens as Demand for the US Dollar Returns.USD/JPY held near 157.22 on Tuesday following a volatile start to the week. Pressure on the Japanese yen has increased as demand for the US dollar has returned, with investors once again favouring the greenback as a defensive asset.

CAD: Loonie regains altitude on oil support – NBC.CAD: Loonie regains altitude on oil support – NBC

Fed: Warsh's challenge and Q4 cuts – BNY.Fed: Warsh's challenge and Q4 cuts – BNY

AUD: RBA's precautionary hike fails to lift currency – Commerzbank.AUD: RBA's precautionary hike fails to lift currency – Commerzbank

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

Oil Price Forecast: Brent and WTI Eye Breakout as Fuel Shortage Risk Grows.Oil prices pulled back after Monday's rally, but U.S.-Iran tensions, Strait of Hormuz risks, tight fuel supplies, and bullish Brent and WTI technical setups keep the breakout outlook alive.

Swiss CPI Accelerates to 0.6% YoY as Energy Import Costs Rebound.Swiss inflation picked up modestly in April, with headline CPI rising 0.3% month-on-month, driven largely by higher energy and travel-related costs. According to the Federal Statistical Office, increases in petrol, diesel and heating oil prices were key contributors, alongside higher airfares and international package holidays.

USD/JPY: Upside capped after intervention – TD Securities.USD/JPY: Upside capped after intervention – TD Securities

Brent: Supply risks support prices – ING.Brent: Supply risks support prices – ING

Intraday Analysis 05.05.2026.Intraday analysis covering GBPJPY, XAUUSD, where Gold retreats from recent highs, and GER40, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments. GBPJPY stuck sideways The pound has failed to revive itself after last week's sell-off saw the pair lose over 400 pips.

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

Spain Unemployment Change below expectations (-18.6K) in April: Actual (-62.7K).Spain Unemployment Change below expectations (-18.6K) in April: Actual (-62.7K)

Euro depreciates further as the US–Iran ceasefire teeters.Euro depreciates further as the US–Iran ceasefire teeters

EUR/JPY holds below 184.00 as Japanese Yen steadies on suspected Japanese intervention.EUR/JPY holds below 184.00 as Japanese Yen steadies on suspected Japanese intervention

Iran says ‘new equation' is solidifying in the Strait of Hormuz.Iran says ‘new equation' is solidifying in the Strait of Hormuz

Natural Gas and Oil Forecast: US Production vs OPEC+ Cuts — Can WTI Hit $109 Before Pullback?.Geopolitical risks in the Middle East keep Brent crude supported near $114 while WTI clings to $104 channel support. Natural gas breaks lower as storage injections beat norms and summer cooling demand remains uncertain.

USD/JPY: Intervention and weak core CPI cap Yen support – Commerzbank.USD/JPY: Intervention and weak core CPI cap Yen support – Commerzbank

Iran parliament speaker says US has jeopardised shipping security through Strait of Hormuz."The new equation of the Strait of Hormuz is in the process of being solidified. The security of shipping and energy transit has been jeopardized by the United States and its allies through the violation of the ceasefire and the imposition of a blockade; of course, their evil will diminish.

Narrative Flips from AI to Middle East.Yesterday, the US announced it would escort ships through the Strait of Hormuz — calling it a humanitarian operation (!) Iran warned it would retaliate, and reports suggest the US went ahead regardless.

US-Iran Tensions Rise, RBA Hikes Rates to Counter Inflation.Today will be quiet in terms of data releases, with only US data releases on the calendar. In the afternoon, the April ISM Services Index and March JOLTs job openings will be released.