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Forex today stuck to tight trading ranges amid an eventless Asia session this Tuesday, with exception of the British Pound as it rallied on the reports that the UK PM May is considering a plan to delay Brexit. Meanwhile, the Yen picked up a bid on reports of escalating Indo-Pak tensions with the USD/JPY pair quickly reversing from tops, hitting daily lows near 110.75. EUR/USD extends the side-line theme in the mid-1.1300s, with main focus on Powell’s testimony and US-Sino trade negotiations.

Markets buckle up for the Bank of England quarterly inflation report hearings due at 10:00 GMT for fresh momentum on the pound and the UK PM Theresa May’s speech around 14:00 GMT. In terms of the macro news, today’s EUR calendar offers no first-tier releases.

In the NA session, a fresh batch of US housing data will be released at 13:30 GMT ahead of the Fed Chair Powell’s testimony on the semi-annual monetary policy report before the before the Senate Banking Committee at 14:45 GMT. Next of relevance remains the US consumer confidence numbers that will drop in at 15:00 GMT among other minority reports. Later towards NY closing, the API weekly crude stocks data will be reported at 21:30 GMT.

Oil inched lower on Tuesday to extend losses of more than 3% from the previous session, easing after U.S. President Donald Trump called on OPEC to rein in its efforts to boost prices.

Gold prices continue to trade below the $1,330 level on Tuesday as traders await a batch of key U.S. economic data due later this week. Investor sentiment has been improved after U.S. President Donald Trump raised the prospect of a trade deal with China which could be a double-edged sword for Gold: while bigger appetite in riskier assets supports the currencies of emerging countries whose central banks are among the biggest buyers of the metal, the outperformance of ‘riskier’ assets such as equities could prompt some outflows from safer ones such as gold.