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US President Donald Trump said that he would prioritize trade discussions during his summit with Chinese President Xi Jinping and downplayed the amount of attention they would devote to the Iran war, Bloomberg reported on Tuesday.

The EUR/USD pair trades in negative territory around 1.1735 during the early Asian session on Wednesday. The US Dollar (USD) edges higher against the Euro (EUR) on hotter-than-expected US inflation data.

Japan Trade Balance - BOP Basis climbed from previous ¥2709B to ¥3900B in March

Japan Bank Lending (YoY) registered at 5.4% above expectations (4.6%) in April

Japan Current Account n.s.a. registered at ¥4.682B, below expectations (¥3879B) in March

US President Donald Trump said that “we have Iran very much under control.” But also reiterated that “we’re either going to make a deal, or they’re going to be decimated,” the New York Times reported on Tuesday.

Wednesday's EIA inventory data will test how tight US crude supply has become amid the prolonged Hormuz closure.

Gold price (XAU/USD) trades with mild gains near $4,720 during the early Asian session on Wednesday. However, the potential upside for the precious metal might be limited due to hotter-than-expected US inflation and shifting geopolitical tensions.

South Korea Unemployment Rate climbed from previous 2.7% to 2.8% in April

GBP/USD lost about 0.7% on Tuesday, sliding from prior session highs near 1.3650 to test the 1.3500 round figure before a modest late-session rebound.

TD Securities’ Chief US Macro Strategist Oscar Munoz argues that 2026 US labor data suggest Artificial Intelligence is only modestly affecting employment so far. He highlights that AI adoption remains low across industries and concentrated in large, knowledge-intensive firms.

USD/JPY recovers some ground and rallies towards a daily four-day high near 157.80 as traders digest comments from US Treasury Secretary Scott Bessent on undesirable volatility in the FX space, prompting a Yen buy. At the time of writing, the pair is up by over 0.30%.

NZD/USD edged lower in choppy two-way trade on Tuesday, settling slightly down for the session. The pair set its peak during the Asian and early European hours, then fell to a session low around the 0.5935 area mid-session, before recovering part of the move into the New York close.

AUD/USD swung in a choppy intraday range on Tuesday before settling little changed for the session.

Commerzbank strategists note that USD/MYR has remained in a 3.90–4.05 range since the Middle East conflict began. Malaysia’s March industrial production grew 3.1% year-on-year, supported by strong manufacturing and electronics despite weaker mining.

Standard Chartered’s Christopher Graham notes that European Union (EU) exports to the United States (US) are now contracting at rates comparable to COVID and GFC (Great Financial Crisis) periods, potentially reflecting both prior export frontloading and emerging structural weakness.

United States API Weekly Crude Oil Stock came in at -2.188M below forecasts (-1.65M) in May 8

Commerzbank’s Norman Liebke highlights that EU ETS reform, including new benchmark calculations, could significantly raise costs for European Aluminium recyclers and refineries.

Silver price steadies following Monday’s advance of over 7%; gains 0.69% and trades at $86.58 after bouncing off daily lows of $83.05 at the time of writing.

DBS' Senior Economist Ma Tieying revises her Taiwan policy rate outlook after upgrading 2026 Gross Domestic Product (GDP) and Consumer Price Index (CPI) forecasts. She now expects a 12.5bps hike in 3Q, taking the policy discount rate from 2.00% to 2.125%.