Citing a "lack of progress" toward reaching the central bank's inflation goal, Federal Reserve Chair Jerome Powell suggested on Tuesday that interest rates are likely to remain higher for longer. Powell's remarks came during a moderated discussion with Bank of Canada Governor Tiff Macklem at the Washington Forum on the Canadian Economy.

The International Monetary Fund said on Tuesday that a resilient global economy is set for steady growth in the next two years as inflation returns to target gradually, but the growth will be uneven amid persistent risks. Global growth is set to remain at 3.2 percent this year and next, the same as in 2023, the IMF said in its latest World Economic Outlook.

The Switzerland market ended sharply lower on Tuesday, in line with markets across Europe, as persisting geopolitical tensions and uncertainty about interest rate trajectory weighed on sentiment.

European stocks closed lower on Tuesday as concerns about tensions in the Middle East, and continued uncertainty about possible timing of interest rate cuts by the Federal Reserve rendered the mood cautious and prompted investors to exit counters.

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.

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.