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EUR/USD: Likely to trade with a downward bias - UOB Group

Euro (EUR) is likely to trade with a downward bias; any decline is unlikely to threaten the major support at 1.1630. In the longer run, outlook is mixed; for the time being, EUR is likely to trade in a range of 1.1630/1.1755, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

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Oil prices fall on hopes for an end to the war in Ukraine - Commerzbank

Oil prices initially reacted yesterday with modest losses to the meeting between US President Trump and Russian President Putin last Friday, Commerzbank's commodity analyst Carsten Fritsch notes.

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China steel output falls - ING

Chinese steel output fell in July for a third straight month, hitting its lowest this year amid government efforts to control supply, ING's commodity experts Ewa Manthey and Warren Patterson note.

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USD: Good friends and allies - Commerzbank

The meeting between Ukrainian President Zelensky and US President Trump yesterday certainly went better than feared. At least in comparison to the disastrous meeting in February.

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Silver price today: Silver broadly unchanged, according to FXStreet data

Silver prices (XAG/USD) broadly unchanged on Tuesday, according to FXStreet data.

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USD/CAD rebound extends beyond key trend line - Société Générale

USD/CAD has reinforced its recovery after bottoming near 1.3535 in June, breaking above a multi-month trend line and the 50-day average.

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AUD/JPY dips below 96.00, geopolitical optimism limits downside

AUD/JPY offers its recent gains from the previous session, trading around 95.80 during the European hours on Tuesday. The currency cross depreciates as the Australian Dollar (AUD) remains subdued despite an improved Westpac Consumer Confidence.

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CAD: July inflation should be consistent with easing - ING

Canada releases July inflation today, ING's FX analyst Francesco Pesole notes.

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Oil markets look ahead to Zelensky-Putin meeting - ING

Oil prices are marginally lower in early morning trading today, following the meeting between Presidents Trump and Zelensky.

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NZD/USD: RBNZ in focus tomorrow - OCBC

Consensus is for 25bp cut to bring OCR to 3%. Slowing growth, weaker labour market, easing inflationary pressure and falling consumer confidence suggest that a 25bp cut is a done deal. NZD was last at 0.5917 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

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USD: Clearer roadmap for peace talks - ING

Yesterday's summit between President Zelenskyy, European leaders, and President Trump in Washington didn't deliver huge surprises but confirmed that the US is open to providing security guarantees to Ukraine.

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DXY: Calibrating expectations - OCBC

US Dollar (USD) inched higher overnight, in absence of data. DXY was last at 98.03 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

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RBNZ: One last time? - Commerzbank

Tomorrow morning at 3 a.m. BST, the Reserve Bank of New Zealand (RBNZ) will announce its interest rate decision, and most analysts, including myself, expect a cut to 3%. The market has already priced in this move at over 90%.

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GBP: Gilts underperforming ahead of CPI - ING

Gilts had a poor session yesterday, underperforming Bunds by 5bp on the 10-year, ING's FX analyst Francesco Pesole notes.

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EUR/USD: Holding pattern on the daily charts - OCBC

Euro (EUR) eased lower, amid broad US Dollar (USD) rebound as markets grew cautious on Powell's stance this Friday. Pair was last at 1.1677 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

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EUR: Lagging, but can rise on the macro story - ING

EUR/CHF briefly traded above 0.945 as markets reopened from the weekend but has since given up all gains and is back at Friday's 0.941 level.

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WTI falls to near $62.00 on rising hopes for Ukraine-Russia peace

West Texas Intermediate (WTI) Oil price declines more than 0.5%, trading around $62.10 per barrel during the European hours on Tuesday.

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US, EU officials to immediately work on security guarantees for Ukraine - Bloomberg

Citing people familiar with the matter, Bloomberg reported on Tuesday that the officials from the United States (US) and the European Union (EU) are said to immediately work on security guarantees for Ukraine.

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Canada's CPI is set to decline in July on annual basis while gaining steam on monthly reading

Statistics Canada will issue the Consumer Price Index (CPI) for July on Tuesday. This will attract the market's attention since it will provide the Bank of Canada (BoC) with fresh information on how inflation is changing, which they use to set interest rates.

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Forex Today: Eyes on US housing data and Canada inflation report

Here is what you need to know on Tuesday, August 19:

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