Canadian stocks are down in negative territory around noon on Tuesday with somewhat hot inflation data weighing on sentiment. Uncertainty about early interest rate cuts by the Federal Reserve continues to weigh as well.

A report released by the Federal Reserve on Tuesday showed industrial production in the U.S. increased in line with economist estimates in the month of March. The Fed said industrial production climbed by 0.4 percent in March, matching the upwardly revised advance in February.

After reporting a substantial rebound in new residential construction in the U.S. in the previous month, the Commerce Department released a report on Tuesday showing housing starts pulled back by much more than expected in the month of March. The Commerce Department said housing starts plummeted by 14.7 percent to an annual rate of 1.321 million in March.

Chinese internet company Baidu Inc.'s artificial intelligence or AI chatbot Ernie Bot has secured more than 200 million users, reports said citing CEO Robin Li. Ernie Bot, China's most popular ChatGPT-like chatbot, was released to the public in August last year. In December, the company had said that Ernie Bot's users reached over 100 million.

A report released by the Federal Reserve on Tuesday showed industrial production in the U.S. increased in line with economist estimates in the month of March.

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Getting ready for a decline in gold

Surging US retail sales dampen Fed rate cut expectations. Wall Street sinks, dollar scales fresh highs as yields jump. China GDP beat offers only tepid support as March data disappoints. Yen continues to tumble, risk of intervention grow.

The New Zealand dollar has plummeted to a five-month low, with the NZD/USD pair touching the 0.5890 mark. This decline was triggered by the release of robust American retail sales data, which raised concerns that the Federal Reserve might delay interest rate cuts expected in 2024.

Gold up 0.7%, CCI signals negative. Euro dips 0.2%, stochastic down. Pound stable, stochastic RSI oversold. Bitcoin drops 3.6%, RSI negative. US stocks fall amid retail sales rise. Ethereum's USD value doubles since PoS switch, ETH/BTC down 33%. Tesla cuts 10% workforce. Today: US Housing Starts, Japan Imports, Germany's ZEW Survey, US Industrial Production, UK Employment & Claimant Count Change.

GBPUSD inches down to a new five-month low. An extension below 1.2400 could generate fresh selling interest.