Forex Today: Market volatility wanes ahead of mid-tier data releases

Here is what you need to know on Tuesday, April 15:

The action in financial markets turns subdued early Tuesday as investors finally take a break following the previous week's wild fluctuations. Eurostat will publish February Industrial Production data later in the session. In the second half of the day, inflation data from Canada, Export Price Index and Import Price Index data from the US will be watched closely by investors.

The US Dollar (USD) Index moves up and down in a tight band below 100.00 after closing the day marginally lower on Monday. US President Donald Trump said late Monday that his administration will look at semiconductors and the whole electronics supply chain in the upcoming national security tariff investigations. Trump also noted that he expects to impose tariffs on imported pharmaceuticals in the "not-too-distant future." US stock index futures trade modestly higher in the European morning on Tuesday after Wall Street's main indexes gained between 0.6% and 0.8% on Monday.

Following the previous week's record-setting upsurge, Gold stays in a consolidation phase above $3,200 after closing little changed on Monday.

The Consumer Price Index (CPI) in Canada is forecast to rise 2.6% on a yearly basis in March, matching February's increase. USD/CAD stays relatively quiet and moves sideways above 1.3850 early Tuesday. On Wednesday, the Bank of Canada will announce monetary policy decisions.

USD/JPY lost about 0.3% on Monday and closed the third consecutive day in negative territory. The pair recovers toward 143.50 in the European morning on Tuesday. Japanese Finance Minister Shunichi Kato repeated on Tuesday that excessive volatility in financial markets would negatively affect economic and financial stability.

AUD/USD preserves its bullish momentum and trades in positive territory above 0.6350 early Tuesday. The Reserve Bank of Australia's (RBA) Minutes of its April monetary policy meeting showed that board members agreed the May meeting would be an opportune time to reconsider the policy outlook but noted that the decision was not predetermined.

EUR/USD holds steady at around 1.1350 in the early European session on Tuesday.

GBP/USD gained nearly 0.8% on Monday and continued to stretch higher early Tuesday. At the time of press, the pair was trading at its highest level since October above 1.3200. The UK's Office for National Statistics (ONS) reported early in the day that the ILO Unemployment Rate held steady at 4.4% in the three months to February, matching the market expectation. On Wednesday, the ONS will publish inflation data for March.